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kuldeep-a-general-merchant-keeps-his-accounts-on-single-entry-system-he-wants-to-know-1



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Q1.
Kuldeep, a general merchant, keeps his accounts on Single Entry System. He wants to know the results, of his business on 31st March, 2018 and for that following information is available:
 
Particulars
1st April, 2017
(₹)
31st March, 2018
(₹)
Cash in Hand ................................................................................
1,50,000
1,75,000
Bank Balance ................................................................................
7,50,000
8,00,000
Furniture ................................................................................
1,00,000
1,00,000
Stock ................................................................................
5,00,000
6,50,000
Creditors ................................................................................
3,50,000
4,00,000
Debtors ................................................................................
2,50,000
3,00,000

During the year, he had withdrawn ₹ 5,00,000 for his personal use and invested ₹ 2,50,000 as additional cpaital. Calculate his profits on 31st March, 2018 and prepare the Statement of Affairs as on that date.
Q2.
Kuldeep, a general merchant, keeps his accounts on Single Entry System. He wants to know the results of his business on 31st March, 2019 and for that following information is available:
 
  1st April, 2018
(₹)
31st March, 2019
(₹)
Cash in Hand  
1,50,000
1,75,000
Bank Balance  
7,50,000
8,00,000
Furniture  
1,00,000
1,00,000
Stock  
5,00,000
6,50,000
Creditors  
3,50,000
4,00,000
Debtors  
2,50,000
3,00,000

During the year, he had withdrawn ₹ 5,00,000 for his personal use and invested ₹ 2,50,000 as additional capital. Calculate his profits on 31st March, 2019 and prepare the Statement of Affairs as on that date.
Q3.
Ravi, who keeps his books on Single Entry System, had his capital on 31st March, 2016 ₹ 20,000 and on 1st April, 2015 was ₹ 16,700. He further informs that during the year, he withdrew for his personal expenses ₹ 9,400. He also sold his personal investment of ₹ 10,000 at 15% premium and brought that money into the business.
Prepare a statement of Profit or Loss.
Q4.
From the following information supplied by Rohit, who keeps his books on Single Entry System, you are required to calculate Total Purchases:
 
Opening balance of Bills Payable 5,000
Opening balance of Creditors 6,000
Closing balance of Bills Payable 7,000
Closing balance of Creditors 4,000
Cash paid to Creditors during the year 30,200
Bills Payable discharged during the year 8,900
Returns Outward 1,200
Cash Purchases 25,800
Q5.
Q.1. Define Single Entry System. Give any three advantages of Single Entry System of Accounting.

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