Mr. Deepak keeps his book on single entry system and gives the following information:
Particulars 31.3.2019 (Rs.) 31.3.2020 (Rs.)
Cash at bank
Sundry Debtors
Stock Debtors
Stock in Trade
Furniture
Machinery
Bills payable
Sundry Creditors
Bank loan @ 10 % p.a.
10,000
25,000
20,000
30,000
60,000
4,000
10,000
4,300
40,000
42,000
35,000
30,000
60,000
4,000
15,000
4,300
Additional information:
1. Mr. Deepak withdrew from business account rs. 6,000 for personal use.
2. He introduce Additional Capital of rs. 30,000
3. Depreciation is to charged at 10% p.a. on furniture and Machinery.
Prepare: 1) Opening and Closing Statement of Affairs
2) Statement of profit or loss for the year ended 31.3.2020
Answers
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Answer:
Statement of Profit or Loss
Particulars
Amount
(Rs)
Capital at the end
90,000
Add: Drawings
5,000
95,000
Less: Additional Capital Introduced
(10,000)
Adjusted Capital at the end
85,000
Less: Capital in the beginning
60,000
Net Profit for the year
25,000
hope it helps you
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