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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

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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

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