Sharma commenced business on 1st January 1990 with a capital of Rs. 20,000. He
immediately bought furniture & fixtures for Rs. 4,000. On 30th June 1990, he borrowed
Rs. 10,000 from his wife @ 9% p.a. (interest not yet paid) and introduced a further
capital of his own amounting to Rs. 3000. Sharma withdrew at the rate of Rs. 600
p.m. at the end of each month for household expenses. On 31st December 1990, his
position was as follows:-
Cash in hand Rs. 5,600; Sundry debtors Rs. 9,600; Stock Rs. 13,600; Bills
receivable Rs. 3,200; Sundry creditors Rs. 1,000 and owing for Rent Rs. 300. Furniture
and fixtures to be depreciated by 10%.
Ascertain the profit or loss made by Sharma during 1990.
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Answered by
3
Answer:
Step-by-step explanation:
Sharma commenced business on 1st January 1990 with a capital of Rs. 20000. He - 28078182. ... 1990 with a capital of Rs. 20,000. He immediately bought furniture & fixtures for Rs. 4,000. On 30th June 1990, he borrowed. Rs. 10,000 from his wife @ 9% p.a. (interest not yet paid) and introduced a further
Answered by
7
Step-by-step explanation:
cash in hand = 5600
Sundrey debtors = 9600
stock rs = 13600
bills recivable rs = 3200
sundrey creditors rs = 1000
owning for rent rs = 300
doing the calculation
profit = 5600 + 3200 + 300 = 9100
loss=9600 + 13600 + 1000 = 24200
he is in loss
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