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Question

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During the year, he had withdrawn ₹ 5,00,000 for his personal use and invested ₹ 2,50,000 as additional cpaital.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.


Solution

Statement of Affairs

as on April 01, 2017

Liabilities

Amount

Assets

Amount

Creditors

3,50,000

Cash in Hand

1,50,000

Capital (Balancing Figure)

14,00,000

Bank Balance

7,50,000

 

 

Furniture

1,00,000

 

 

Stock

5,00,000

 

 

Debtors

2,50,000

 

17,50,000

 

17,50,000

 

 

 

 

 

Statement of Affairs

as on March 31, 2018

Liabilities

Amount

Assets

Amount

Creditors

4,00,000

Cash in Hand

1,75,000

Capital (Balancing Figure)

16,25,000

Bank Balance

8,00,000

 

 

Furniture

1,00,000

 

 

Stock

6,50,000

 

 

Debtors

3,00,000

 

20,25,000

 

20,25,000

 

 

 

 

 

Statement of Profit or Loss

for the year ended March 31, 2018

Particulars

Amount

Capital as on March 31, 2017

16,25,000

Add: Drawings

5,00,000

 

21,25,000

Less: Additional Capital Introduced

(2,50,000)

Adjusted Capital as on March 31, 2017

18,75,000

Less: Capital as on April 01, 2016

(14,00,000)

Profit made during the year 2016-17

4,75,000

 

 

 


Accountancy
T.S. Grewal (2018)
Standard XI

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