raj commenced business on 1st april 2009 with capital of rs 2,00,000.he also introduced rs 20,000 as further capital during the year. on 31st march 2010 his position was as under:
cash in hand- rs 48000
sundry debtors- rs 1,40,800
furniture and fixture-rs 30,000
creditors- rs 26,500
stock- rs 60,700
he withdrew rs 5000 per month during the year for household expense. calculate profit loss made by him during the year.

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Solution

Statement of Affairs
as on March 31,2010

Liabilities Amount
(Rs) Assets Amount
(Rs)

Creditors 26,500 Cash in Hand 48,000

Capital (Balancing Figure) 2,53,000 Sundry Debtors 1,40,800

Furniture and Fixtures 30,000

Stock 60,700

2,79,500 2,79,500

Statement of Profit or Loss
for the year ended March 31,2010

Particulars Amount
(Rs)

Capital at the end of the year 2,53,000

Add: Drawings made during the year 60,000

Less: Additional capital introduced during the year (20,000)

Adjusted capital at the end of the year 2,93,000

Less: Capital in the beginning of the year (2,00,000)

Profit for the year 93,000

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Similar questions

Ajay started business with a capital of Rs 2,25,000 on 1st April, 2011.During the year, he withdrew Rs 40,000 for his personal use and introduced Rs 7,000 as fresh capital. On 31st March 2012,his position of assets and liabilities stood as follows:

Cash in hand 18,500 Rs

Stock 20,000 Rs

Bills receivable 25,000 Rs

Debtors 4,00,000 Rs

Creditors 1,50,000 Rs

Bills Payable 3,000 Rs

You are required to prepare Statement of Profit or Loss for the year ended 31st March, 2012.

Mr. A started business with a capital Rs. 5,00,000. At the end of the year his position was-

$\begin{matrix} Items & Amt. (Rs.) Cash in hand & 15, 000 Cash at bank & 70, 000 Sundry debtors & 1, 20, 000 Stock & 2, 40, 000 Furniture & 75, 000 Machinery & 2, 00, 000 \end{matrix}$

Sundry creditors on this date totalled Rs. 80,000. During the year, he introduced a further capital of Rs. 1,50,000 and withdrew for household expenses Rs. 90,000.

You are required to calculate profit or loss during the year.

A

and

B

started business on 1st April, 2017 with capitals of

R s . 6, 00, 000

and

R s . 4, 00, 000

respectively During the year, A introduced

R s .1, 00, 000

to the firm as additional capital on 1st October, 2017. They withdrew

R s .50, 000

per month for household expenses against profits. Interest on capital is to be allowed @

10 %

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A

and

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Kartik started a firm on 1st April, 2015 with a capital of Rs. 30,000. On 1st July 2015, he borrowed from his wife a sum of Rs. 12,000 @ $9 %$ per annum (interest not yet paid) for business and introduce a further capital of his own amounted to Rs. 4,500. On 31st March, 2016 his position was, cash Rs. 1,800, stock Rs. 28,200, debtors Rs. 21,000 and creditors Rs. 18,000.

Ascertain his profit or loss taking into account Rs 6,000 for his drawings during the year.

Q. PRACTICAL PROBLEMS

Mahendra Keeps his books by Single Entry System. His position on 1^st April 2012, was as follows : Cash in Hand Rs 7,900, Cash at Bank Rs 20,000, Debtors Rs 18,000. Stock Rs 29,000, Motor Car Rs 5,000, Bank Loan Rs 18,000 and Outstanding Expenses Rs 2,700.
On 1^st October, 2012 Mahendra introduced Rs 10,000 as further capital in the business and withdrew on the same date Rs 7,000 out of which he spent Rs 5,000 on the purchase of a Machinery for the business.
On 31^st March 2013 his position was as follows: Cash in Hand Rs 7,600, Cash at Bank Rs 22,000, Stock Rs 30,000 Debtors Rs 25,700, Furniture Rs 6,000, Creditors Rs 25,200, and prepaid expenses Rs 200.
Prepare a Statement showing the Profit or Loss made by him during the year ended 31^st March, 2013 and Opening and Closing Statement of affairs. Considered the following adjustments also.
1) Depreciate Motor Car and Furniture @ 10% p.a. Furniture was purchased on 1^st Oct., 2012.
2) Provide Rs 1,200 for Bad debts and provide 5% R.D.D.
3) Goods taken for personal use by Mahendra amounting to Rs 1,500
4) Provide interest on capital @ 10% p.a.

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Statement of Affairs as on March 31,2010
Liabilities	Amount (Rs)	Assets	Amount (Rs)
Creditors	26,500	Cash in Hand	48,000
Capital (Balancing Figure)	2,53,000	Sundry Debtors	1,40,800
		Furniture and Fixtures	30,000
		Stock	60,700
	2,79,500		2,79,500

Statement of Profit or Loss for the year ended March 31,2010
Particulars	Amount (Rs)
Capital at the end of the year	2,53,000
Add: Drawings made during the year	60,000
Less: Additional capital introduced during the year	(20,000)
Adjusted capital at the end of the year	2,93,000
Less: Capital in the beginning of the year	(2,00,000)
Profit for the year	93,000