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.
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 |
|
|