Manveer started his business on January 01, 2005 with a capital of Rs $4, 50, 000$ . On December 31, 2005, his position was as under
Items (Rs)
Cash $99, 000$
Bills receivable $75, 000$
Plant $48, 000$
Land and Building $1, 80, 000$
Furniture $50, 000$
He owed Rs $45, 000$ from his friend Susheel on that date. He withdrew Rs $8, 000$ per month for his household purposes. Ascertain his profit or loss for this year ended December 31, 2005.

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Solution

Answer :
Statement of Affairs
as on 31st December, 2005
Liabilities Amt. (Rs) Assets Amt. (Rs)
Loan From Susheel $45, 000$ Cash $99, 000$
Capital Bills Receivable $75, 000$
(Balancing Figure) $4, 07, 000$ Plant $48, 000$
Land and Building $1, 80, 000$
Furniture $50, 000$
$4, 52, 000$
$4, 52, 000$

Statement of Profit or Loss
for the year ended on 31st December, 2005
Particulars Amt. (Rs)
Capital at the end of the year 31st December 2005 $4, 07, 000$
(+) Drawings during the year $(8, 000 x 12)$ $96, 000$
$5, 03, 000$
(-) Capital at the beginning of the year 1st Jan 2005 $4, 50, 000$
Profit made during the year $53, 000$

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Manveer started his business on January 01, 2005 with a capital of Rs. 4,50,000. On December 31, 2005, his position was as under

$\begin{matrix} Items & (R s .) Cash & 99, 000 Bills Receivable & 75, 000 Plant & 48, 000 Land and Building & 1, 80, 000 Furniture & 50, 000 \end{matrix}$

He owed Rs. 45,000 from his friend Susheel on that date. He withdrew Rs. 8,000 per month for his household purposes. Ascertain his profit or loss for this year ended December 31, 2005.

Manveer started his business on April 01, 2016 with a capital of Rs 4,50,000. On March 31, 2017 his position was as under:

	Rs
Cash	99,000
Bills receivable	75,000
Plant	48,000
Land and Building	1,80,000
Furniture	50,000

He owned Rs 45,000 from his friend Susheel on that date. He withdrew Rs 8,000 per month for his household purposes. Ascertain his profit or loss for this year ended March 31, 2017.

Q. Tulsi started business on 1st April, 2016 with a capital of ₹ 4,50,000. On 31st March, 2017 her position was as under:

			(₹)
Cash			99,000
Bills Receivable			75,000
Stock			48,000
Land and Building			1,80,000
Furniture			50,000

She owed ₹ 45,000 to her friend Parvati on that date. She withdrew ₹ 8,000 per month for household purposes. Ascertain her profit or loss for the year ended 31st March, 2017.

Q. Question : Mr Ashok does not keep his book properly. Following information is available from his books.

Items	Jan 1, 2005 (Rs)	Dec 31, 2005 (Rs)
Sundry Creditors	$45, 000$	$93, 000$
Loan from wife	$60, 000$	$57, 000$
Sundry Debtors	$22, 500$	------
Land and Building	$89, 600$	$90, 000$
Cash in hand	$7, 500$	$8, 700$
Bank overdraft	$25, 000$	-----
Furniture	$1, 300$	$1, 300$
Stock	$34, 000$	$25, 000$

During the year Mr. Ashok sold his private car for Rs

50, 000

and invested this amount into the business. He withdrew from the business Rs

1, 500

per month upto july 31, 2005 and thereafter Rs

4, 500

per month as drawings. You are required to prepare the statement of affairs as on December 31, 2005.

Mr. Ashok does not keep his books properly.
Following information is available from his books

$\begin{matrix} Items & Jan 1, 2005 (Rs.) & Dec 31, 2005 (Rs.) Sundry Creditors & 45, 000 & 93, 000 Loan from wife & 66, 000 & 57, 000 Sundry Debtors & 22, 500 & - - - Land and Building & 89, 600 & 90, 000 Cash in hand & 7, 500 & 8, 700 Bank overdraft & 25, 000 & - - - Furniture & 1, 300 & 1, 300 Stock & 34, 000 & 25, 000 \end{matrix}$

During the year Mr. Ashok sold his private car for Rs. 50,000 and invested this amount into the business. He withdrew from the business Rs. 1,500 per month up to July 31, 2005 and thereafter Rs. 4,500 per month as drawings.
You are required to prepare the statement of profit or loss and statement of affairs as on December 31, 2005.

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Items	(Rs)
Cash	$99, 000$
Bills receivable	$75, 000$
Plant	$48, 000$
Land and Building	$1, 80, 000$
Furniture	$50, 000$

Liabilities	Amt. (Rs)	Assets	Amt. (Rs)
Loan From Susheel	$45, 000$	Cash	$99, 000$
Capital		Bills Receivable	$75, 000$
(Balancing Figure)	$4, 07, 000$	Plant	$48, 000$
		Land and Building	$1, 80, 000$
		Furniture	$50, 000$
	$4, 52, 000$		$4, 52, 000$

Particulars	Amt. (Rs)
Capital at the end of the year 31st December 2005	$4, 07, 000$
(+) Drawings during the year $(8, 000 x 12)$	$96, 000$
	$5, 03, 000$
(-) Capital at the beginning of the year 1st Jan 2005	$4, 50, 000$
Profit made during the year	$53, 000$