Vikas is keeping his record account to single entry system his capital on 31st December 2017 for speech 250000 and 31st December 2018 was rupees 425003 for the inform you that you doing here he gave a loan of Rs 30,000 brother from business bank account and also with rupees 1000 per month for household use the flat for personal residence the rent of which was rupees 1800 per month electricity charges at average rate of 10% of my monthly paid out of business fund during the year he sold his personal 7% government bones of rupees 50000 at 1% premium and bro that amount into business prepare statement of profit and loss for the year ended
Answers
Answer:
9274,%
Explanation:
9274%
Confirm
Statement of Profit/Loss for the year ended 31.12.2018
Explanation:
Statement of Profit/Loss
as on 31.12.2018
Particulars Amount(Rs.)
Capital as on 31.12.17 425000
Add: Drawings 12000
Add: Bank Loan 30000
Add: Rent Paid 21600
Add: Electricity charges paid 2160
Less: Sale of 7% Govt. bonds (50500)
Less: Capital as on 31.12.2017 (250000)
Profit during the year 2017-2018 190260
*Therefore,the profit made during the year 2017-2018 by Vikas should be Rs.190260.