2
Question
Mr. Joshi started a business with a capital of ₹ 5,00,000. At the end of the year his position was:
(₹)
Cash in hand
15,000
Cash at bank
70,000
Sundry Debtors
1,20,000
Stock
2,40,000
Furniture
75,000
Machinery
2,00,000
Sundry creditors at this date totalled ₹ 80,000. During the year he introduced a further capital of ₹ 1,50,000 and withdrew for household expenses ₹ 90,000.
You are required to calculate profit or loss during the year.
| (₹) | |||
| Cash in hand | 15,000 | ||
| Cash at bank | 70,000 | ||
| Sundry Debtors | 1,20,000 | ||
| Stock | 2,40,000 | ||
| Furniture | 75,000 | ||
| Machinery | 2,00,000 | ||
Sundry creditors at this date totalled ₹ 80,000. During the year he introduced a further capital of ₹ 1,50,000 and withdrew for household expenses ₹ 90,000.
You are required to calculate profit or loss during the year.
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Solution
Statement of Affairs
as on March …
Liabilities
Amount (Rs)
Assets
Amount (Rs)
Sundry Creditors
80,000
Cash in Hand
15,000
Capital (Balancing Figure)
6,40,000
Cash at Bank
70,000
Sundry Debtors
1,20,000
Stock
2,40,000
Furniture
75,000
Machinery
2,00,000
7,20,000
7,20,000
Statement of Profit or Loss
for the year ended ….
Particulars
Amount
(Rs)
Capital at the end of the year
6,40,000
Add: Drawings made during the year
90,000
Less: Additional capital introduced during the year
1,50,000
Adjusted capital at the end of the year
5,80,000
Less: Capital in the beginning of the year
5,00,000
Profit made during the year
80,000
|
Statement of Affairs
as on March …
|
|||
| Liabilities | Amount (Rs) | Assets | Amount (Rs) |
| Sundry Creditors | 80,000 | Cash in Hand | 15,000 |
| Capital (Balancing Figure) | 6,40,000 | Cash at Bank | 70,000 |
| Sundry Debtors | 1,20,000 | ||
| Stock | 2,40,000 | ||
| Furniture | 75,000 | ||
| Machinery | 2,00,000 | ||
| 7,20,000 | 7,20,000 | ||
|
Statement of Profit or Loss
for the year ended ….
|
||
| Particulars | Amount (Rs) |
|
| Capital at the end of the year | 6,40,000 | |
| Add: Drawings made during the year | 90,000 | |
| Less: Additional capital introduced during the year | 1,50,000 | |
| Adjusted capital at the end of the year | 5,80,000 | |
| Less: Capital in the beginning of the year | 5,00,000 | |
| Profit made during the year | 80,000 | |
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