Charu do not keep proper books of accounts. Prepare the statement of profit or loss for the year ending 31-3-2023 from the following information:
Charu do not keep proper books of accounts. Prepare the statement of profit or loss for the year ending 31-3-2023 from the following information:
The following adjustments are to be made:
(a) Proprietor withdrew cash ₹ 5,000 per month for private use.
(b) Depreciation @ 5% on Car and @ 10% on furniture.
(c) Outstanding Rent ₹ 6,000.
(d) Fresh Capital introduced during the year ₹ 30,000.
[Ans. Opening Capital ₹ 2,24,000; Closing Capital ₹ 3,50,000; Net Profit ₹ 1,41,200; Total of Final Statement of Affairs ₹ 4,29,200.]
Solution:-
| 1-4-2022 (₹) | 31-3-2023 (₹) | |
| Cash in Hand | 10,000 | 36,000 |
| Debtors | 20,000 | 80,000 |
| Creditors | 10,000 | 46,000 |
| Bills Receivable | 20,000 | 24,000 |
| Bills Payable | 4,000 | 42,000 |
| Car | – | 80,000 |
| Stock | 40,000 | 30,000 |
| Furniture | 8,000 | 48,000 |
| Investment | 40,000 | 50,000 |
| Bank balance | 1,00,000 | 90,000 |
Anurag Pathak Answered question
