Following information is given below: calculate the closing capital

April.01, 2016

March.31, 2017

Rs

Rs

Creditors

5,000

30,000

Bills payable

10,000

–

Loan

–

50,000

Bills receivable

30,000

50,000

Stock

5,000

30,000

Cash

2,000

20,000

Calculation of profit or loss and ascertainment of statement of affairs at the end of the year (Opening Balance is given)

Open in App

Solution

Statement of Affairs as on April 01, 2016

Liabilities

Amount Rs

Assets

Amount

Rs

Creditors

5,000

Bills Receivable

30,000

Bills Payable

10,000

Stock

5,000

Capital (Balancing figure)

22,000

Cash

2000

37,000

37,000

Statement of Affairs as on March 31, 2017

Liabilities

Amount Rs

Assets

Amount

Rs

Creditors

30,000

Bills Receivable

50,000

Loan

50,000

Stock

30,000

Capital (Balancing figure)

20,000

Cash

20,000

1,00,000

1,00,000

Capital on March 31, 2017 (Closing) is Rs 20,000

Statement of Profit and Loss

Particulars

Amount

Rs

Capital on March 31, 2017

20,000

Less: Capital on April 01, 2016

(22,000)

Loss during the year 2017

(2,000)

Suggest Corrections

Similar questions

Following information is given below. Calculate the closing capital

$\begin{matrix} Items & Jan 1, 2011 (R s .) & Dec 31, 2011 (R s .) Creditors & 5, 000 & 30, 000 Bills Payable & 10, 000 & - - - Loan & - - - & 50, 000 Bills receivable & 30, 000 & 50, 000 Stock & 5, 000 & 30, 000 Cash & 2, 000 & 20, 000 \end{matrix}$

Calculation of profit or loss and ascertainment of statement of affairs at the end of the year (Opening balance is given)

Q. Question : Following information is given below calculate the closing capital

Items	Jan 1, 2011 (Rs)	Dec 31, 2011 (Rs)
Creditors	$5, 000$	$30, 000$
Bills Payable	$10, 000$	----
Loan	-----	$50, 000$
Bills receivable	$30, 000$	$50, 000$
Stock	$5, 000$	$30, 000$
Cash	$2, 000$	$20, 000$

Calculation of profit or loss and ascertainment of statement of affairs at the end of the year (Opening Balance is given)
Note : In the above question, opening and closing balances of capital are not given, so first of all we have to prepare statement of affairs at the beginning and at the end of the year. Then only we will be able to get the profit figure of the year.
Statement of Affairs
as on 1st January 2011

Liabilities	Amt. (Rs)	Assets	Amt. (Rs)
Creditors	$5, 000$	Bills receivable	$30, 000$
Bills Payable	$10, 000$	Stock	$5, 000$
Capital (Balancing Figure)	$22, 000$	Cash	$2, 000$
	$37, 000$		$37, 000$

Statement of Affairs
as on 31st December, 2011

Liabilities	Amt. (Rs)	Assets	Amt. (Rs)
Creditors	$30, 000$	Bills Receivable	$50, 000$
Loan	$50, 000$	Stock	$30, 000$
Capital (Balancing Figure)	$20, 000$	Cash	$20, 000$
	$1, 00, 000$		$1, 00, 000$

Statement of Profit or Loss
for the year ended as on 31st December, 2011

Particulars	Amt. (Rs)
Capital at the end of the year i.e., December 2011	$20, 000$
(-) Capital at the beginning of the year i.e., January 2011	$22, 000$
Loss during the year 2011	$2, 000$

Receipt and Payment Account of Shankar Sports club is given below, for the year ended March 31, 2017

Receipt and Payment Account for the year ending March 31, 2017
Receipts	Amount Rs	Payments	Amount Rs
Opening Cash in hand	2,600	Rent	18,000
Entrance fees	3,200	Wages	7,000
Donation for building	23,000	Billiard table	14,000
Locker rent	1,200	Furniture	10,000
Life membership fee	7,000	Interest	2,000
Profit from entertainment	3,000	Postage	1,000
Subscription	40,000	Salary	24,000
		Cash in hand	4,000
	80,000		80,000

Prepare Income and Expenditure Account and Balance Sheet with help of following Information:

Subscription outstanding on March 31, 2016 is Rs 1, 200 and Rs 2,300 on March 31, 2017, opening stock of postage stamps is Rs 300 and closing stock is Rs 200, Rent Rs 1,500 related to 2015 and Rs 1,500 is still unpaid.

On April 01, 2016 the club owned furniture Rs 15,000, Furniture valued at Rs 22,500

On March 31, 2017. The club took a loan of Rs 20,000 (@ 10% p.a.) in 2017.

Following is the extract of the Balance Sheet of, Neelkant and Mahdev as on March 31, 2017:

Balance Sheet as at March 31, 2017
	Amount		Amount
Liabilities	Rs	Assets	Rs
Neelkant’s Capital	10,00,000	Sundry Assets	30,00,000
Mahadev’s Capital	10,00,000
Neelkant’s Current Account	1,00,000
Mahadev’s Current Account	1,00,000
Profit and Loss Apprpriation
(March 2017)	8,00,000
	30,00,000		30,00,000

During the year Mahadev’s drawings were Rs 30,000. Profits during 2017 is Rs 10,00,000. Calculate interest on capital @ 5% p.a for the year ending March 31, 2017.

Mr. Kapil does not keep proper records of his business and he provided the following information.

You are required to prepare a statement showing the profit or loss for the year 2011-12.
Opening Capital (01-04-2011) , 50,000

Closing Capital (31-03-2012) , 1,00,000

Additional capital introduced (2011-12) , 20,000

Drawings made during the year (2011-12) , 40,000

Join BYJU'S Learning Program

	April.01, 2016		March.31, 2017
		Rs		Rs
Creditors		5,000		30,000
Bills payable		10,000		–
Loan		–		50,000
Bills receivable		30,000		50,000
Stock		5,000		30,000
Cash		2,000		20,000

Statement of Affairs as on April 01, 2016
Liabilities	Amount Rs	Assets	Amount Rs
Creditors	5,000	Bills Receivable	30,000
Bills Payable	10,000	Stock	5,000
Capital (Balancing figure)	22,000	Cash	2000

	37,000		37,000

Statement of Affairs as on March 31, 2017
Liabilities	Amount Rs	Assets	Amount Rs
Creditors	30,000	Bills Receivable	50,000
Loan	50,000	Stock	30,000
Capital (Balancing figure)	20,000	Cash	20,000

	1,00,000		1,00,000

Statement of Profit and Loss
Particulars	Amount Rs
Capital on March 31, 2017	20,000
Less: Capital on April 01, 2016	(22,000)

Loss during the year 2017	(2,000)