Question

To Mars)
EXCEL
SE
EDUCATION
Question 2
Aman, a ready made garment trader, keeps his books of account under single entry
system. On the closing on 31st March, 2017 his statement of affairs stood as follows:
Liabilities
Amount Assets
Amount
(*)
Aman's capitai
4,80.000 Building
3,25,000
Loan
1,50,000 Furniture
50 000
Creditors
3,10,000 Motor car
90 000
Stock
2.00,000
Debtors
1,70,000
Cash in hand
20,000
Cash at bank
85,000
9,40,000
9,40,000
Riots occurred and a fire broke out on the evening of 31st March, 2018, destroying the
books of accounts. On that day, the cashier had absconded with the available cash.
You are furnished with the following information:
1. Sales for the year ended 31st March, 2018 were 20% higher than the previous
year's sales, out of which, 20% sales were for cash. He always sells his goods
at cost plus 25%. There were no cash purchases.
2. Collection from debtors amounted to 314,00,000, out of which 33,50,000 was
received in cash.
3. Business expenses amounted to 2,00,000, of which 50,000 were
outstanding on 31st March, 2018 and 60,000 paid by cheques.
4. Gross profit as per last year's audited accounts was 3,00,000.
5. Provide depreciation on building and furniture at 5% each and motor car at
20%
6. His private records and the Bank Pass Book disclosed the following
transactions for the year 2017-18
Page 3
Payment to creditors (paid by cheques)
13,75,000
Personal drawings (paid by cheques)
75,000
Repairs (paid by cash)
10,000
Travelling expenses (paid by cash)
15,000
Cash deposited in bank
7,15,000
Cash withdrawn from bank
1,20,000
7. Stock level was maintained at 23,00,000 all throughout the year.
8. The amount defalcated by the cashier is to be written off to the Profit and Loss
Account
You are required to prepare Trading and Profit and Loss A/c for the year ended
31st March, 2018 and Balance Sheel as on that date of Aman. All the workings
should form part of the answer​

Answer 1

Answer:

woahh sucha long question..better u divide and give single questions..it would be easier to answer sorry