His position under-tion was as un Manveer started his business on April 01- 2016 with a capital of Rs 4-50-000- On March 31- 2017 hi - Rs- Cash 99-000- Bills receivable 75-000- Plant 48-000- Land and Building 1-80-000- Furniture 50-000 - under-He owned Rs 45-000 from his friend Susheel on that date- He withdrew Rs 8-000 per month for his household purposes- Ascertain his profit or loss for this year ended March 31- 2017 -

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Standard XI

Accountancy

Finding Closing Stock

his position ...

Question

Manveer started his business on April 01, 2016 with a capital of Rs 4,50,000. On March 31, 2017 his position was as under:

Rs

Cash

99,000

Bills receivable

75,000

Plant

48,000

Land and Building

1,80,000

Furniture

50,000

He owned Rs 45,000 from his friend Susheel on that date. He withdrew Rs 8,000 per month for his household purposes. Ascertain his profit or loss for this year ended March 31, 2017.

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Solution

Books of Manveer

Statement of Affairs as on March 31, 2017

Liabilities

Amount Rs

Assets

Amount Rs

Loan from Susheel

45,000

Cash

99,000

Bills Receivable

75,000

Plant

48,000

Closing Capital

(Balancing Figure)

4,07,000

Land and Building

1,80,000

Furniture

50,000

4,52,000

4,52,000

Statement of Profit and Loss as on March 31, 2017

Particulars

Rs

Capital on March 31, 2017

4,07,000

Add: Drawings made during the year (Rs 8,000 × 12)

96,000

Less: Capital on April 01, 2016

(4,50,000)

Profit during the year 2017

53,000

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$\begin{matrix} Items & (R s .) Cash & 99, 000 Bills Receivable & 75, 000 Plant & 48, 000 Land and Building & 1, 80, 000 Furniture & 50, 000 \end{matrix}$

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Books of Manveer Statement of Affairs as on March 31, 2017
Liabilities	Amount Rs	Assets	Amount Rs
Loan from Susheel	45,000	Cash	99,000
		Bills Receivable	75,000
		Plant	48,000
Closing Capital (Balancing Figure)	4,07,000	Land and Building	1,80,000
		Furniture	50,000

	4,52,000		4,52,000

Statement of Profit and Loss as on March 31, 2017
Particulars	Rs
Capital on March 31, 2017	4,07,000
Add: Drawings made during the year (Rs 8,000 × 12)	96,000
Less: Capital on April 01, 2016	(4,50,000)

Profit during the year 2017	53,000