Question

Ramesh keeps his books on single entry basis. Prepare a statement of affairs as on

31.10.1982 and a statement of profit or Loss for the period ending 31.10.1982

Assets and Liabilities 1.11.81 31.10.82

Bank Balance Rs. 560 (cr) Rs.350 (Dr)

Cash on Hand Rs. 10 Rs. 50

Debtors Rs.4,500 Rs. 3,600

Stock Rs.2,700 Rs.2,900

Plant Rs.4,000 Rs.4,000

Furniture Rs.1,000 Rs. 1,000

Ramesh has withdrawn Rs.2,000 during the year and had introduced fresh capital of Rs.4,200 on

1.7.1982.A provision of 5 % on debtors is necessary. Write off Depreciation on Plant at 10 %

and Furniture at 15 % . Interest on capital is to be allowed at 5 %​

Answer 1

Answer:

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