Swastik maintains his books of account by Single Entry System. His books provide the following information:
Swastik maintains his books of account by Single Entry System. His books provide the following information:
His drawings during the year were ₹ 5,000. Depreciate furniture by 10% and provide a reserve for Bad and Doubtful Debts at 10% on Sundry Debtors.
Prepare the Statement showing the profits for the year.
[Profit during the year – ₹ 23,900.]
| 1st April (2022) ₹ | 31st March, (2022) ₹ | |
| Furniture | 2,000 | 2,000 |
| Stock | 28,000 | 30,500 |
| Sundry Debtors | 21,000 | 34,000 |
| Cash | 1,500 | 5,000 |
| Sundry Creditors | 17,500 | 19,000 |
| Loan | – | 5,000 |
| Investments | – | 10,000 |
Anurag Pathak Changed status to publish January 10, 2024
