Kumaran, a trader, does not keep proper books of account, However, he furnishes you the following particulars:
Kumaran, a trader, does not keep proper books of account, However, he furnishes you the following particulars:
|  | 1st April, 2022 (₹) | 31st March, 2023 (₹) |
|
Cash in Hand Bank Overdraft Stock-in-Trade Sundry Debtors Sundry Creditors Bills Receivable Building Furniture Bills Payable |
5,350 45,000 59,350 42,400 38,600 30,200 53,000 4,600 62,000 |
5,400 40,000 62,200 40,800 37,200 29,800 53,000 4,600 58,000 |
Additional Information:
(a) Drawings during the year amounted to ₹ 11,000.
(b) Additional capital introduced ₹ 5,000.
(c) Depreciation is to be provided on building @ 2% and on furniture at 10%.
(d) Provision for Doubtful Debts at 2% on Sundry Debtors.
Prepare a Statement of profit or Loss showing Gross Profit and Net Profit for the year ended 31st March, 2023 and adjusted Statement of Affairs as at that date.
Anurag Pathak Changed status to publish October 28, 2023
