PRACTICAL PROBLEMS
Mr. Suhas a small trader provides you the following details about his business.
Particulars
|
01-04-2011
|
31-03-2012
|
Debtors
|
45,000
|
50,000
|
Creditors
|
60,000
|
70,000
|
Computer
|
60,000
|
1,20,000
|
10% Govt. Bonds
|
——
|
10,000
|
Bank Overdraft
|
80,000
|
40,000
|
Motor Van
|
80,000
|
80,000
|
Furniture
|
10,000
|
10,000
|
Stock
|
65,000
|
80,000
|
Cash in Hand
|
2,000
|
8,000
|
Bills Receivable
|
60,000
|
80,000
|
Additional Information:
1) On 1st October, 2012 he withdrew Rs 40,000 for his personal use.
2) Charge interest on drawings Rs 2,000.
3) He had also withdrawn Rs 30,000 for Rent of his residential flat.
4) Depreciate furniture by 10% and write off Rs 2,000 from motor van.
5) 10% Government Bonds were purchased on 1st October, 2012.
6) Allow interest on capital at 10% p.a.
7) Rs 2,000 is written off as bad debts and provide 5% R.D.D. on Debtors.
Prepare: Opening statement of affairs, closing statement of affairs and statement of profit or loss for the year ended 31st March, 2012.