Mrs Anu started firm with a capital of Rs 4-00-000 on 1 st October 2016 - She borrowed from her friends a sum of Rs 1-00-000 - 10 - per annum interest a s business and brought a further amount to capital Rs 75-000 on March- 31- 2017- her position was -on Rs n- 31-2017 0 1-2 x2 01-2 x2 000 year and show your working clearly-

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Standard XI

Accountancy

Debtors

Mrs Anu start...

Question

Mrs Anu started firm with a capital of Rs 4,00,000 on 1st October 2016. She borrowed from her friends a sum of Rs 1,00,000 @ 10% per annum (interest paid) for business and brought a further amount to capital Rs 75,000 on March. 31, 2017, her position was :

Rs

Cash

30,000

Stock

4,70,000

Debtors

3,50,000

Creditors

3,00,000

He withdrew Rs 8,000 per month for the year. Calculate profit or loss for the year and show your working clearly.

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Solution

Books of Mrs. Anu

Statement of Affairs as on March 31, 2017

Liabilities

Amount Rs

Assets

Amount

Rs

Creditors

3,00,000

Cash

30,000

10% Loan from Friends

1,00,000

Stock

4,70,000

Capital (Balancing figure)

4,50,000

Debtors

3,50,000

8,50,000

8,50,000

Statement of Profit and Loss as on March 31, 2017

Particulars

Amount

Rs

Capital on March 31, 2017

4,50,000

Add: Drawings during the year (8,000 × 6 months)

48,000

Less: Capital on October 01, 2016

(4,00,000)

Less: Additional capital introduced

(75,000)

Mrs. Anu earned profit during the year 2017

23,000

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Books of Mrs. Anu Statement of Affairs as on March 31, 2017
Liabilities	Amount Rs	Assets	Amount Rs
Creditors	3,00,000	Cash	30,000
10% Loan from Friends	1,00,000	Stock	4,70,000
Capital (Balancing figure)	4,50,000	Debtors	3,50,000

	8,50,000		8,50,000

Statement of Profit and Loss as on March 31, 2017
Particulars	Amount Rs
Capital on March 31, 2017	4,50,000
Add: Drawings during the year (8,000 × 6 months)	48,000
Less: Capital on October 01, 2016	(4,00,000)
Less: Additional capital introduced	(75,000)

Mrs. Anu earned profit during the year 2017	23,000