From the following information relating to the business of Abhay who keeps books on Single Entry System, ascertain the profit or loss for the year 2022-23
From the following information relating to the business of Abhay who keeps books on Single Entry System, ascertain the profit or loss for the year 2022-23:
|  | 1st April, 2022 (₹) | 31st March, 2023 (₹) |
| Machinery | 8,000 | 8,000 |
| Furniture | 2,000 | 2,000 |
| Stock | 7,000 | 5,000 |
| Sundry Debtors | 4,000 | 4,500 |
| Bank Balance | 200 (Cr.) | 1,800 (Dr.) |
| Sundry Creditors | 5,000 | 3,500 |
Abhay withdrew ₹ 4,100 during the year to meet his household expenses. He introduced ₹ 300 as fresh capital on 15th January 2023. Machinery and Furniture are to be depreciated at 10% and 5% p.a. respectively.
[Profit – ₹ 4,900.]
Anurag Pathak Changed status to publish January 13, 2024
