CameraIcon
CameraIcon
SearchIcon
MyQuestionIcon


Question

Raghav, who keeps his books on single entry system, tell you that his capital on 31st March, 2016 is Rs 3,74,000 and his capital on 1st April, 2015 was 3,84,000. He further informs you that during the year, he withdrew for his household purpose Rs 1,68,400. He sold his personal investment of Rs 40,000 a 2% premium and brought that money into the business.

You are required to prepare statement of profit or loss.


Solution

Statement Showing Profit or Lossfor year ended 31st March, 2016ParticularsAmt(Rs)Capital at the End3,74,000(+)Drawings Made During the year1,68,400¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯5,42,400(-)Capital Introduced During the Year  (102/100×Rs 40,000)40,800Adjusted Capital at the End¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯5,01,600(-) Capital in the Beginning3,84,000––––––––Net Profit for the Year1,17,600––––––––––––––––

flag
 Suggest corrections
thumbs-up
 
0 Upvotes


Similar questions
QuestionImage
QuestionImage
View More...



footer-image