Question : Mr Arnav does not keep proper records of his business he provided following information. You are required to prepare a statement showing the profit or loss of the year.
Items | (Rs) |
Capital at the beginning of the year | 15,00,000 |
Bills receivable | 60,000 |
Cash in hand | 80,000 |
Furniture | 9,00,000 |
Building | 10,00,000 |
Creditors | 6,00,000 |
Stock in trade | 2,00,000 |
Further capital introduced | 3,20,000 |
Drawings made during the period | 80,000 |
Prepare Statement of affairs at the end of the year and calculate of profit and loss.