Question

Ashoka tells u that his capital on 31.12.2015 is Rs 5,87,000 and his capital on 1.1.2015 was Rs 5,00,000. He further informs you that during the year he gave a loan of Rs 35,000 to his brother on private account and withdrew Rs 8,000 per month for personal purpose. He also used a flat for his personal purpose, the rent of which at the rate of Rs 5,000 per month and electricity charges at an average rate of Rs 2,000 per month were paid from the business account. During the year he sold his 7% Government bond of Rs 40,000 at 2% premium and brought that money into the business. Besides this there is no other information. You are required to prepare a statement of profit and loss.

Answer 1

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