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Statement of Affairs

Vikas maintai...

Question

Vikas maintains his books of account on Single Entry System. He provides following information from his books. Find out additional capital introduced in the business during the year 2017–18.
Opening Capital–₹ 1,30,000 Drawing during the year ₹ 50,000
Closing Capital–₹ 2,00,000 Profit made during the year ₹ 1,00,000

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Solution

Additional Capital = Capital at the End + Drawings − (Capital in the Beginning + Profit)

= 2,00,000 + 50,000 − (1,30,000 + 1,00,000)

= 2,50,000 − 2,30,000 = Rs 20,000

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Q. Vikas maintains his books of account on Single Entry System. He provides following information from his books. Find out additional capital introduced in the business during the year 2018–19.
Opening Capital − ₹ 1,30,000 Drawings during the year ₹ 50,000
Closing Capital − ₹ 2,00,000 Profit made during the year ₹ 1,00,000

Mr. Kapil does not keep proper records of his business and he provided the following information.

You are required to prepare a statement showing the profit or loss for the year 2011-12.
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