1
Question
Tulsi started business on 1st April, 2016 with a capital of ₹ 4,50,000. On 31st March, 2017 her position was as under:
(₹)
Cash
99,000
Bills Receivable
75,000
Stock
48,000
Land and Building
1,80,000
Furniture
50,000
She owed ₹ 45,000 to her friend Parvati on that date. She withdrew ₹ 8,000 per month for household purposes. Ascertain her profit or loss for the year ended 31st March, 2017.
| (₹) | |||
| Cash | 99,000 | ||
| Bills Receivable | 75,000 | ||
| Stock | 48,000 | ||
| Land and Building | 1,80,000 | ||
| Furniture | 50,000 | ||
She owed ₹ 45,000 to her friend Parvati on that date. She withdrew ₹ 8,000 per month for household purposes. Ascertain her profit or loss for the year ended 31st March, 2017.
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Solution
Statement of Affairs
as on March 31, 2017
Liabilities
Amount (Rs)
Assets
Amount (Rs)
Loan from Friend
45,000
Cash
99,000
Capital (Balancing Figure)
4,07,000
Bills Receivable
75,000
Stock
48,000
Land and Building
1,80,000
Furniture
50,000
4,52,000
4,52,000
Statement of Profit or Loss
for the year ended March 31, 2017
Particulars
Amount
(Rs)
Capital at the end of the year
4,07,000
Add: Drawings made during the year (8,000 × 12)
96,000
Less: Additional capital introduced during the year
-
Adjusted capital at the end of the year
5,03,000
Less: Capital in the beginning of the year
4,50,000
Profit made during the year
53,000
|
Statement of Affairs
as on March 31, 2017
|
|||
| Liabilities | Amount (Rs) | Assets | Amount (Rs) |
| Loan from Friend | 45,000 | Cash | 99,000 |
| Capital (Balancing Figure) | 4,07,000 | Bills Receivable | 75,000 |
| Stock | 48,000 | ||
| Land and Building | 1,80,000 | ||
| Furniture | 50,000 | ||
| 4,52,000 | 4,52,000 | ||
|
Statement of Profit or Loss
for the year ended March 31, 2017
|
||
| Particulars | Amount (Rs) |
|
| Capital at the end of the year | 4,07,000 | |
| Add: Drawings made during the year (8,000 × 12) | 96,000 | |
| Less: Additional capital introduced during the year | - | |
| Adjusted capital at the end of the year | 5,03,000 | |
| Less: Capital in the beginning of the year | 4,50,000 | |
| Profit made during the year | 53,000 | |
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