1
Question
Mr. Vasudev does not keep proper records of his business. He provided following information. You are required to prepare a statement showing the profit or loss for the year.
(₹)
Owner's Equity 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
| (₹) | |||
| Owner's Equity 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 | ||
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Solution
Statement of Affairs
as on March …
Liabilities
Amount (Rs)
Assets
Amount (Rs)
Creditors
6,00,000
Cash in Hand
80,000
Capital (Balancing Figure)
16,40,000
Furniture
9,00,000
Stock in trade
2,00,000
Building
10,00,000
Bills Receivable
60,000
22,40,000
22,40,000
Statement of Profit or Loss
for the year ended ….
Particulars
Amount
(Rs)
Capital at the end of the year
16,40,000
Add: Drawings made during the year
80,000
Less: Additional capital introduced during the year
3,20,000
Adjusted capital at the end of the year
14,00,000
Less: Capital in the beginning of the year
15,00,000
Loss incurred during the year
1,00,000
|
Statement of Affairs
as on March …
|
|||
| Liabilities | Amount (Rs) | Assets | Amount (Rs) |
| Creditors | 6,00,000 | Cash in Hand | 80,000 |
| Capital (Balancing Figure) | 16,40,000 | Furniture | 9,00,000 |
| Stock in trade | 2,00,000 | ||
| Building | 10,00,000 | ||
| Bills Receivable | 60,000 | ||
| 22,40,000 | 22,40,000 | ||
|
Statement of Profit or Loss
for the year ended ….
|
||
| Particulars | Amount (Rs) |
|
| Capital at the end of the year | 16,40,000 | |
| Add: Drawings made during the year | 80,000 | |
| Less: Additional capital introduced during the year | 3,20,000 | |
| Adjusted capital at the end of the year | 14,00,000 | |
| Less: Capital in the beginning of the year | 15,00,000 | |
| Loss incurred during the year | 1,00,000 | |
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