Question

B keeps his book of accounts under single entry system. His

financial position on 31.12.15 and 31.12.16 was as follows:

31.12.15

Rs.

31.12.16

Rs.

Cash 9,860 800

Stock 38,520 57,020

Plant and Machinery 54,420 61,000

Bills Receivable – 16,480

Sundry debtors 24,840 43,940

Sundry creditors 72,040 80,000

Furniture 4,960 5,220

Drawings – 5,000

During the year he introduced additional capital of Rs. 20,000.

From the above particulars prepare a statement of Profit and

Loss for the year ended 31.12.2016​

Answer 1

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