Angad keeps his books on Single Entry System He gives the following information:
Angad keeps his books on Single Entry System He gives the following information:
|  | 1st April, 2021 (₹) | 31st March, 2022 (₹) |
|
Stock in Hand Debtors Creditors Bills Receivable Bills Payable Furniture Building Bank Balance |
18,700 12,000 9,000 4,000 1,000 600 12,000 4,350 |
23,400 14,000 1,500 5,000 200 600 12,000 3,350 (Cr.) |
You are also given the following information:
(a) A provision of ₹ 1,450 is required for doubtful debts.
(b) Depreciation @ 5% is to be written off on building and furniture.
(c) Wages outstanding ₹ 3,000, salaries outstanding ₹ 1,200.
(d) Prepaid insurance has been provided to the extent of ₹ 250.
(e) Legal expenses outstanding ₹ 700.
(f) Drawings of Angad during the year were ₹ 7,520.
You are required to find out the profit/loss for the year ended 31st March,
Anurag Pathak Changed status to publish October 28, 2023
