Question : Gopal does not keep proper records in the books of account. Following information is given below.
Items Jan 1, 2005 Dec 31, 2005
Cash in hand $18, 000$ $12, 000$
Cash at bank $1, 500$ $2, 000$
Stock in trade $80, 000$ $90, 000$
Sundry Debtors $36, 000$ $60, 000$
Sundry Creditors $60, 000$ $40, 000$
Loan $10, 000$ $8, 000$
Office equipments $25, 000$ $30, 000$
Land and Buildings $30, 000$ $20, 000$
Furniture $10, 000$ $10, 000$

During the year he introduced Rs $20, 000$ and withdrew Rs $12, 000$ from the business. Prepare the statement of profit or loss on the basis of given information.

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Solution

Answer :
Statement of Affairs
as on 1st January, 2005
Liabilities Amt.(Rs) Assets Amt. (Rs)
Sundry Creditors $60, 000$ Cash in Hand $18, 000$
Loan $10, 000$ Cash at Bank $1, 500$
Capital (Balancing Figure) $1, 30, 500$ Stock in trade $80, 000$

Sundry Debtors $36, 000$

Office equipments $25, 000$
Land and Buildings $30, 000$
Furniture $10, 000$
$2, 00, 500$ $2, 00, 500$

Statement of Affairs
as on 31st December, 2005
Liabilities Amt.(Rs) Assets Amt. (Rs)
Sundry Creditors $40, 000$ Cash in Hand $12, 000$
Loan $8, 000$ Cash at Bank $2, 000$
Capital (b/f) $1, 76, 000$ Stock in trade $90, 000$
Sundry Debtors $60, 000$
Office equipments $30, 000$
Land and Buildings $20, 000$

Furniture $10, 000$
$2, 24, 000$ $2, 24, 000$

Statement Showing Profit or Loss for the Year
Particulars Amt. (Rs)
Capital at the end of the year as on 31st Dec 2005 $1, 76, 000$
(+) Drawings during the year $12, 000$
(-) Additional Capital Introduced during the year $1, 88, 000$
$20, 000$
(-) Capital at the Beginning of the year as on 1st January, 2005 $1, 68, 000$
$1, 30, 500$
Profit during the year 2005 $37, 500$

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Similar questions

Gopal does not keep proper books of account.
Following information is given below:

$\begin{matrix} Items & Jan1, 2005 & Dec 31, 2005 Cash in hand & 18, 000 & 12, 000 Cash at bank & 1, 500 & 2, 000 Stock in trade & 80, 000 & 90, 000 Sundry Debtors & 36, 000 & 60, 000 Sundry Creditors & 60, 000 & 40, 000 Loan & 10, 000 & 8, 000 Office equipments & 25, 000 & 30, 000 Lands and Building & 30, 000 & 20, 000 Furniture & 10, 000 & 10, 000 \end{matrix}$

During the year he introduced Rs. 20,000 and withdrew Rs. 12,000 from the business.
Prepare the statement of profit or loss on the basis of given information.

Gopal does not keep proper books of account. Following information is given below:

	April. 01, 2016		March. 31, 2017
		Rs		Rs
Cash in hand		18,000		12,000
Cash at bank		1,500		2,000
Stock in trade		80,000		90,000
Sundry debtors		36,000		60,000
Sundry creditors		60,000		40,000
Loan		10,000		8,000
Office equipments		25,000		30,000
Land and Building		30,000		20,000
Furniture		10,000		10,000

During the year he introduced Rs 20,000 and withdrew Rs 12,000 from the business. Prepare the statement of profit or loss on the basis of given information

Q. Krishna Kulkarni has not kept proper books of accounts prepare the statement of profit or loss for the year ending December 31, 2005 from the following information.

Items	Jan 1, 2005	Dec 31, 2005
Cash in hand	$10, 000$	$36, 000$
Debtors	$20, 000$	$80, 000$
Creditors	$10, 000$	$46, 000$
Bills receivable	$20, 000$	$24, 000$
Bills payable	$4, 000$	$42, 000$
Car	------	$80, 000$
Stock	$40, 000$	$30, 000$
Furniture	$8, 000$	$48, 000$
Investment	$40, 000$	$50, 000$
Bank Balance	$1, 00, 000$	$90, 000$

The following adjustments were made
(a) Krishna withdrew cash Rs

5, 000

per month for private use.
(b) Depreciation @

5 %

on car and furniture @

10 %

.
(c) Outstanding rent Rs

6, 000

.
(d) Fresh capital introduced during the year Rs

30, 000

Q. Question : M/s Saniya Sports Equipment does not keep proper records. From the following information find out profit of loss and also prepare balance sheet for the year ended December 31, 2005.

Items	Jan 1, 2005 (Rs)	Dec 31, 2005 (Rs)
Cash in hand	$6, 000$	$24, 000$
Bank Overdraft	$30, 000$	----
Stock	$50, 000$	$80, 000$
Sundry Creditors	$26, 000$	$40, 000$
Sundry Debtors	$60, 000$	$1, 40, 000$
Bills Payable	$6, 000$	$12, 000$
Furniture	$40, 000$	$60, 000$
Bills Receivable	$8, 000$	$28, 000$
Machinery	$50, 000$	$1, 00, 000$
Investment	$30, 000$	$80, 000$

Drawing Rs

10, 000

p.m for personal use, fresh capital introduce during the year Rs

2, 00, 000

. A bad debts Rs.

2, 000

and a provision of

5 %

is to be made on debtors. Outstanding salary Rs

2, 400

, prepaid insurance Rs

700

depreciation charged on furniture and machine @

10 %

pa.

M/s Saniya Sports Equipment does not keep proper records. From the following information find out profit or loss and also prepare balance sheet for the year ended March 31, 2017

	April. 31, 2016		March. 31, 2017
		Rs		Rs
Cash in hand		6,000		24,000
Bank overdraft		30,000		–
Stock		50,000		80,000
Sundry creditors		26,000		40,000
Sundry debtors		60,000		1,40,000
Bills payable		6,000		12,000
Furniture		40,000		60,000
Bills receivable		8,000		28,000
Machinery		50,000		1,00,000
Investment		30,000		80,000

Drawing Rs 10,000 p.m. for personal use, fresh capital introduce during the year Rs 2,00,000. A bad debts of Rs 2,000 and a provision of 5% is to be made on debtors outstanding salary Rs 2,400, prepaid insurance Rs 700, depreciation charged on furniture and machine @ 10% p.a.

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Liabilities	Amt.(Rs)	Assets	Amt. (Rs)
Sundry Creditors	$60, 000$	Cash in Hand	$18, 000$
Loan	$10, 000$	Cash at Bank	$1, 500$
Capital (Balancing Figure)	$1, 30, 500$	Stock in trade	$80, 000$
		Sundry Debtors	$36, 000$
		Office equipments	$25, 000$
		Land and Buildings	$30, 000$
		Furniture	$10, 000$
	$2, 00, 500$		$2, 00, 500$

Particulars	Amt. (Rs)
Capital at the end of the year as on 31st Dec 2005	$1, 76, 000$
(+) Drawings during the year	$12, 000$
(-) Additional Capital Introduced during the year	$1, 88, 000$ $20, 000$
(-) Capital at the Beginning of the year as on 1st January, 2005	$1, 68, 000$ $1, 30, 500$
Profit during the year 2005	$37, 500$