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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 year15,00,000
Bills receivable60,000
Cash in hand80,000
Furniture9,00,000
Building10,00,000
Creditors6,00,000
Stock in trade2,00,000
Further capital introduced3,20,000
Drawings made during the period80,000

Prepare Statement of affairs at the end of the year and calculate of profit and loss.

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Solution

Answer :
Statement of Affairs at the end of the Year
LiabilitiesAmt. (Rs)AssetsAmt. (Rs)
Creditors6,00,000Bills Receivables60,000
Capital (Balancing Figure)16,40,000Cash in Hand80,000
Furniture9,00,000
Buildings10,00,000
Stock in Trade2,00,000
22,40,00022,40,000

Statement Showing Profit or Loss for the Year
ParticularsAmt. (Rs)
Capital at the end of the year16,40,000
80,000
(-) Capital Introduced during the year17,20,000
3,20,000
(-) Capital at the beginning of the year14,00,000
15,00,000
Loss during the year1,00,000


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