Kuldeep, a general merchant, keeps his accounts on Single Entry System
Kuldeep, a general merchant, keeps his accounts on Single Entry System. He wants to know the results of his business on 31st March, 2023 and for that following information available:
During the year, he had withdrawn ₹ 5,00,000 for his personal use and invested ₹ 2,50,000 as additional capital. Calculate his profits on 31st March 2023 and prepare the Statement of Affairs as on that date.
[Profit – ₹ 4,75,000.]
| 1st April, 2022 (₹) | 31st March, 2023 (₹) | |
| Cash in Hand | 1,50,000 | 1,75,000 |
| Bank Balance | 7,50,000 | 8,00,000 |
| Furniture | 1,00,000 | 1,00,000 |
| Stock | 5,00,000 | 6,50,000 |
| Creditors | 3,50,000 | 4,00,000 |
| Debtors | 2,50,000 | 3,00,000 |
Anurag Pathak Changed status to publish January 13, 2024
