.Amar keeps his books by single entry. From the following information prepare a statem
of profit and losses for the year ended 31-12-2014 and a statement of affairs on that date....
Particulars....
Cash in hand
Cash at bank
Sundry debtors
Stock
Bills pavable
Sundry creditors
Furniture
machinery
1-1-2014.....
Amount- Rs....
500
13,000
14,000
11.200
7,000
22,400
5.000
10,000
31-12-2014.......
Amount-RS...........
800
14.300
13,200
8.900
9,000
15,100
5,000
10.000
The additional capital introduced during the year amounted to Rs 2,000/- and the drawings
during the year the year amounted to Rs 3,200/- Depreciate the furniture by 10% and
machinery 6% create reserve of 5% on sundry debtors for doubtful debts.
Answers
Statement of Affairs as on 31.12.2014
Liabilities Amt Assets Amt
Bills Payable 7,000 Cash in Hand 500
Creditors 22,400 Cash at Bank 13,000
Capital 24,300 Debtors 14,000
(closing) Stock 11,200
Furniture 5,000
Machinery 10,000
53,700 53,700
Statement of Affairs as on 1.1.2014
Liabilities Amt Assets Amt
Bills Payable 9,000 Cash in Hand 800
Creditors 15,100 Cash at Bank 14,300
Capital 28,100 Debtors 13,200
(opening) Stock 8,900
Furniture 5,000
Machinery 10,000
52,200 52,200
Statement of Profit and Loss for year ended 31.12.2014
Particular Amt Amt
Closing capital as on 31.12.2014 24,300
Add: Drawings 3,200
Less: Additional capital introduced (2,000)
Adjusted Closing Capital 25,500
Less: Opening capital as on 1.1.2014 (28,100)
Net Loss before adjustments (2,600)
Less: Loss/Expense
i) Depre on furniture (5,000*10/100) 500
ii) Depre on machinery (10,000*6/100) 600
iii) Reserve for Debts (13,200*5/100) 660 (1,760)
NET LOSS (4,360)
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