Question

- From the following details, prepare a statement of Profit or Loss for the year ended<br />December 31, 1989.<br />Balance as on<br />1-1-89 Rs. 31-12-89 Rs.<br />20,000<br />15,000<br />Machinery<br />2,000 2,000<br />Furniture<br />70,000<br />Debtors<br />90,000<br />2,700 4,800<br />Cash<br />500<br />Prepaid Expenses<br />800<br />Accrued Income<br />3,000 5,300<br />Outstanding Income<br />Provide 10% depreciation on Machinery and furniture and 5% for bad debts on sundry<br />debtors. Interest on capital is to be provided at 6% per annum. After three months from the<br />beginning of the year the proprietor had to bring in Rs.5000 by way of additional capital. He<br />drew salary at Rs.500 p.m. In addition, he drew Rs. 3,000 in anticipation of profits. Rs. 2,000<br />income-tax was paid.​

Answer 1

Answer:

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Answer 2

Answer:

from the following details prepare a statement profit or loss for the year ended December 31 1989