Krishna Kulkarni has not kept proper books of accounts prepare the
statement of profit or loss for the year ending March 31, 2016 from the
following information:
[tex]
\begin{tabular}{c c c}\\
\begin{center}\\
& April 01, 2016 & March 31, 2017 \\
& Rs. & Rs. \\
Cash in hand & 10,000 & 36,000 \\
Debtors & 20,000 & 80,000 \\
Creditors & 10,000 & 46,000 \\
Bills receivable & 20,000 & 24,000 \\
Bills payable & 4,000 & 42,000 \\
Car & - & 80,000 \\
Stock & 40,000 & 30,000 \\
Furniture & 8,000 & 48,000 \\
Investment & 40,000 & 50,000 \\
Bank balance & 1,00,000 & 90,000 \\
\end{center}
\end{tabular}
[/tex]
The following adjustments were made :
(a) Krishna withdrew cash Rs. 5,000 per month for private use.
(b) Depreciation @ 5
on car and furniture @10 .
(c) Outstanding Rent Rs. 6,000.
(d) Fresh Capital introduced during the year Rs.30,000.
Answers
Answer:
Explanation:
STATEMENT OF AFFAIR on 1 st january 2005
Liabilities Amt Assets Amt
Creditors 10000 Cash in Hand 10000
Bills Payable 4000 Debtors 20000
Balance 224000 Bills Receivable 20000
stock 40000
Furniture 8000
Investment 40000
Cash at Bank 1,00,000
2,38,000 2,38,000
STATEMENT OF AFFAIR on 31 december 2005
Liabilities Amt Assets Amt
Creditors 46000 Cash in Hand 36000
Bills payable 42000 Debtors 80000
outstanding exp 6000 Bilss Receivable 24000
Capital 335200 Car 80000
(balance) Less : Dep (4000)
Furniture 48000
Less: Dep (4800)
Investment 50000
Cash at Bank 90000
429200 429200
Statment on Profit & loss
Capital on december 335200
Add : Drawing 60000
Less : Capital (224000)
Less : Fresh capital (30000)
1,41,200