1
Question
Krishan started his business on 1st April, 2018 with a Capital of ₹ 1,00,000. On 31st March, 2019, his assets were:
₹
Cash
3,200
Stock
34,800
Debtors
31,000
Plant
85,000
He owed ₹ 12,000 to sundry creditors and ₹ 10,000 to his brother on that date. He withdrew ₹ 2,000 per month for his personal expenses. Ascertain his profit.
| ₹ | |
| Cash | 3,200 |
| Stock | 34,800 |
| Debtors | 31,000 |
| Plant | 85,000 |
He owed ₹ 12,000 to sundry creditors and ₹ 10,000 to his brother on that date. He withdrew ₹ 2,000 per month for his personal expenses. Ascertain his profit.
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Solution
Statement of Affairs
as on March 31, 2019
Liabilities
Amount
(₹)
Assets
Amount
(₹)
Sundry Creditors
12,000
Cash
3,200
Brother’s Loan
10,000
Stock
34,800
Capital (Balancing Figure)
1,32,000
Debtors
31,000
Plant
85,000
1,54,000
1,54,000
Statement of Profit or Loss
for the year end March 31, 2019
Particulars
Amount
(₹)
Capital as on March 31, 2019
1,32,000
Add: Drawings (Rs 2,000 × 12)
24,000
1,56,000
Less: Capital as on April 01, 2018
(1,00,000)
Profit made during the year 2018-2019
56,000
|
Statement of Affairs as on March 31, 2019 |
|||
|
Liabilities |
Amount (₹) |
Assets |
Amount (₹) |
|
Sundry Creditors |
12,000 |
Cash |
3,200 |
|
Brother’s Loan |
10,000 |
Stock |
34,800 |
|
Capital (Balancing Figure) |
1,32,000 |
Debtors |
31,000 |
|
|
|
Plant |
85,000 |
|
|
|
|
|
|
|
1,54,000 |
|
1,54,000 |
|
|
|
|
|
|
Statement of Profit or Loss for the year end March 31, 2019 |
|
|
Particulars |
Amount (₹) |
|
Capital as on March 31, 2019 |
1,32,000 |
|
Add: Drawings (Rs 2,000 × 12) |
24,000 |
|
|
1,56,000 |
|
Less: Capital as on April 01, 2018 |
(1,00,000) |
|
Profit made during the year 2018-2019 |
56,000 |
|
|
|
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