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.

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Solution

Answer :
Statement of Affairs
as on 1st January, 2005
Liabilities Amt. (Rs) Assets Amt.(Rs)
Bank Overdraft $30, 000$ Cash in hand $6, 000$
Sundry Creditors $26, 000$ Stock $50, 000$
Bills Payable $6, 000$ Sundry Debtors $60, 000$
Capital (Balancing Figure) $1, 82, 000$ Furniture $40, 000$
Bills Receivables $8, 000$
Machinery $50, 000$

Investment $30, 000$
$2, 44, 000$ $2, 44, 000$

Statement of Affairs
as on 31st December, 2005
Liabilities Amt. (Rs) Assets Amt.(Rs)
Sundry Creditors $40, 000$ Cash in Hand $24, 000$
Bills Payable $12, 000$ Stock $80, 000$
Outstanding Salary $2, 400$ Debtors $1, 40, 000$
(-) Bad debts $2, 000$
$1, 38, 000$
(-) Provision @ $5 %$ $6, 900$
$1, 31, 100$

Furniture $60, 000$
(-) Depreciation $6, 000$
$54, 000$

Bills Receivables $28, 000$

Machinery $1, 00, 000$
(-) Depreciation @ $10 %$ $10, 000$ $90, 000$
Investment $80, 000$

Prepaid Insurance $700$
$4, 87, 800$ $4, 87, 800$

Statement Showing Profit or Loss for the Year 2005
Particulars Amt. (Rs)
Capital at the end of the year on 31st December 2005 $4, 33, 400$
(+) Drawings during the year. $(10,000\times 12) $1, 20, 000$
(-) Fresh Capital Introduced during 2005 $5, 53, 400$
$2, 00, 000$
(-) Capital at the Beginning of the year on 1st Jan 2005 $3, 53, 400$
$1, 82, 000$
Profit during the year 2005 $1, 71, 400$

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Similar questions

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.

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 December 31, 2005.

$\begin{matrix} Items & Jan 1, 2005 (Rs.) & Dec 31, 2005 (Rs.) Cash in hand & 6, 000 & 24, 000 Bank Overdraft & 30, 000 & - - Stock & 50, 000 & 80, 000 Sundry Creditors & 26, 000 & 40, 000 Sundry Debitors & 60, 000 & 1, 40, 000 Bills Payable & 6, 000 & 12, 000 Furniture & 40, 000 & 60, 000 Bills Receivable & 8, 000 & 28, 000 Machinery & 50, 000 & 1, 00, 000 Investment & 30, 000 & 80, 000 \end{matrix}$

Drawing Rs. 10,000 p.m. for personal use, fresh capital introduced during the year Rs. 2,00,000. Outstanding salary Rs. 2,400, prepaid insurance Rs. 700, depreciation charged on furniture and machinery @ 10% pa.

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

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 31st December, 2016.

$\begin{matrix} Items & 31st December, & 31st December, 2015 (Rs.) & 2016 (Rs.) Cash in Hand & 6, 000 & 24, 000 Bank Overdraft & 30, 000 & - Stock & 50, 000 & 80, 000 Sundry Creditors & 26, 000 & 40, 000 Sundry Debtors & 60, 000 & 1, 40, 000 Bills Payable & 6, 000 & 12, 000 Furniture & 40, 000 & 60, 000 Bills Receivable & 8, 000 & 28, 000 Machinery & 50, 000 & 1, 00, 000 Investment & 30, 000 & 80, 000 \end{matrix}$

Drawings Rs. 10,000 per month for personal use, fresh capital introduced during the year Rs. 2,00,000. A bad debts Rs. 2,000 and a provision of $5 %$ it to be made on debtors. Outstanding salary Rs. 2,400, prepaid insurance Rs. 700, depreciation charged on furniture @ $10 %$ per annum.

Krishna Kulkarni has not kept proper books of accounts prepare the statement of profit or loss for the year ending December 31, 2011 from the following information:

	April. 01, 2016		March. 31, 2017
		Rs		Rs
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%.

(d) Fresh Capital introduced during the year Rs 30,000.

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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	$30, 000$	$80, 000$

Liabilities	Amt. (Rs)	Assets	Amt.(Rs)
Bank Overdraft	$30, 000$	Cash in hand	$6, 000$
Sundry Creditors	$26, 000$	Stock	$50, 000$
Bills Payable	$6, 000$	Sundry Debtors	$60, 000$
Capital (Balancing Figure)	$1, 82, 000$	Furniture	$40, 000$
		Bills Receivables	$8, 000$
		Machinery	$50, 000$
		Investment	$30, 000$
	$2, 44, 000$		$2, 44, 000$

Particulars	Amt. (Rs)
Capital at the end of the year on 31st December 2005	$4, 33, 400$
(+) Drawings during the year. $(10,000\times 12)	$1, 20, 000$
(-) Fresh Capital Introduced during 2005	$5, 53, 400$ $2, 00, 000$
(-) Capital at the Beginning of the year on 1st Jan 2005	$3, 53, 400$ $1, 82, 000$
Profit during the year 2005	$1, 71, 400$