8
Question
Mr. White does not keep his books properly. Following information is available from his books.
1-4-2015
31-3-2016
ā¹
ā¹
Sundry Creditors
45,000
93,000
Loan from wife
66,000
57,000
S. Debtors
22,500
–
Land & Building
89,600
90,000
Cash in hand
7,500
8,700
Bank overdraft
25,000
–
Furniture
1,300
1,300
Stock
34,000
25,000
During the year Mr. White sold his private car for ā¹ 50,000 and invested this amount into the business. He withdrew from the business ā¹ 1,500 per month upto 31st October, 2015 and thereafter ā¹ 4,500 per month as drawings. You are required to prepare a statement of profit or loss and a statement of affairs as at March 31, 2016.
| 1-4-2015 | 31-3-2016 | |||
| ā¹ | ā¹ | |||
| Sundry Creditors | 45,000 | 93,000 | ||
| Loan from wife | 66,000 | 57,000 | ||
| S. Debtors | 22,500 | – | ||
| Land & Building | 89,600 | 90,000 | ||
| Cash in hand | 7,500 | 8,700 | ||
| Bank overdraft | 25,000 | – | ||
| Furniture | 1,300 | 1,300 | ||
| Stock | 34,000 | 25,000 | ||
During the year Mr. White sold his private car for ā¹ 50,000 and invested this amount into the business. He withdrew from the business ā¹ 1,500 per month upto 31st October, 2015 and thereafter ā¹ 4,500 per month as drawings. You are required to prepare a statement of profit or loss and a statement of affairs as at March 31, 2016.
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Solution
Statement of Affairs
as on April 01, 2015
Liabilities
Amount (Rs)
Assets
Amount (Rs)
Loan from Wife
66,000
Cash in Hand
7,500
Creditors
45,000
Furniture
1,300
Bank Overdraft
25,000
Stock
34,000
Capital (Balancing Figure)
18,900
Debtors
22,500
Land & Building
89,600
1,54,900
1,54,900
Statement of Affairs
as on March 31, 2016
Liabilities
Amount (Rs)
Assets
Amount (Rs)
Creditors
93,000
Cash in Hand
8,700
Loan from Wife
57,000
Furniture
1,300
Stock
25,000
Land & Building
90,000
Capital Overdrawn (Balancing Figure)
25,000
1,50,000
1,50,000
Statement of Profit or Loss
for the year ended March 31, 2016
Particulars
Amount
(Rs)
Capital at the end of the year
(25,000)
Add: Drawings made during the year (1,500 × 7 + 4,500 × 5)
33,000
Less: Additional capital introduced during the year
50,000
Adjusted capital at the end of the year
(42,000)
Less: Capital in the beginning of the year
(18,900)
Loss incurred during the year
(60,900)
|
Statement of Affairs
as on April 01, 2015
|
|||
| Liabilities | Amount (Rs) | Assets | Amount (Rs) |
| Loan from Wife | 66,000 | Cash in Hand | 7,500 |
| Creditors | 45,000 | Furniture | 1,300 |
| Bank Overdraft | 25,000 | Stock | 34,000 |
| Capital (Balancing Figure) | 18,900 | Debtors | 22,500 |
| Land & Building | 89,600 | ||
| 1,54,900 | 1,54,900 | ||
|
Statement of Affairs
as on March 31, 2016
|
|||
| Liabilities | Amount (Rs) | Assets | Amount (Rs) |
| Creditors | 93,000 | Cash in Hand | 8,700 |
| Loan from Wife | 57,000 | Furniture | 1,300 |
| Stock | 25,000 | ||
| Land & Building | 90,000 | ||
| Capital Overdrawn (Balancing Figure) | 25,000 | ||
| 1,50,000 | 1,50,000 | ||
|
Statement of Profit or Loss
for the year ended March 31, 2016
|
||
| Particulars | Amount (Rs) |
|
| Capital at the end of the year | (25,000) | |
|
Add: Drawings made during the year (1,500 × 7 + 4,500 × 5)
|
33,000 | |
|
Less: Additional capital introduced during the year
|
50,000 | |
| Adjusted capital at the end of the year | (42,000) | |
|
Less: Capital in the beginning of the year
|
(18,900) | |
| Loss incurred during the year | (60,900) | |
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