Question

Or
Ganesh Topiwala, a retailer has not kept proper books of accounts. However, some
7
ledger extracts are available.
Particulars
Trade creditors
Stock
Loan from Naresh
Cash in hand
Shop furniture and fittings
Trade debtors
Bank balance
Last year This year
Rs.
Rs.
6,270
5,890
15,000 16,000
10,000 10,000
570
670
7,250 7,800
5,280
4,560
4,000 4,200
Calculate profit for this year and draft a revised statement of affairs at the end of the
year after considering the following adjustments:
(a) Shop furniture and fittings are depreciated by Rs. 780
(b) Proprietor withdrew Rs. 100 per week for his personal use.
(c) Included in trade debtors a bad debt of Rs. 270
(d)
Interest at 5% per annum is due on the loan from Naresh but has not been paid.
SAXO​

Answer 1

Answer:

Or

Ganesh Topiwala, a retailer has not kept proper books of accounts. However, some

7

ledger extracts are available.

Particulars

Trade creditors

Stock

Loan from Naresh

Cash in hand

Shop furniture and fittings

Trade debtors

Bank balance

Last year This year

Rs.

Rs.

6,270

5,890

15,000 16,000

10,000 10,000

570

670

7,250 7,800

5,280

4,560

4,000 4,200

Calculate profit for this year and draft a revised statement of affairs at the end of the

year after considering the following adjustments:

(a) Shop furniture and fittings are depreciated by Rs. 780

(b) Proprietor withdrew Rs. 100 per week for his personal use.

(c) Included in trade debtors a bad debt of Rs. 270

(d)

Interest at 5% per annum is due on the loan from Naresh but has not been paid.