Question

Question 17.
X, a retailer, has not maintained proepr books of accont but it has been possible to obtain the follwoing details:

Calculate the net profit for this year and draft the Statement of Affairs at the end of the year after noting that:
(a) Shop Fittings are to be depreciated by ₹ 780.
(b) X has drawn ₹ 100 per week for his own use.
(c) Included in the Trade Debtors is an irrecoverable balance of ₹ 270.
(d) Interest at 5% p.a. is due on the loan from Naresh but has not been paid for the year.

Answer 1

The following accounts are shown below:

Explanation:

Net income is the term of accounting, which is defined as the measure or evaluated of the profitability of the business or firm. It states the income of the entity subtract cost of goods sold, amortization and depreciation for the accounting year.

The net profit during the period amounts to Rs 3,960

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Answer 2

Answer:

The solution is in the images

NET PROFIT = 3960