Mr. A does not keep proper records of his business. Following information is available from records kept by him:
Mr. A does not keep proper records of his business. Following information is available from records kept by him:
Mr. A withdrew from the business ₹ 3,000 per month upto 30th September 2022 and thereafter ₹ 4,000 per month as drawings. ₹ 50,000 realised by the proprietor as maturity value of National Saving Certificates was invested in the business.
Prepare a statement showing net profit (or net loss) for the year.
[Ans. Opening Capital ₹ 74,000; Closing Capital ₹ 1,08,000; Profit ₹ 26,000.]
| 1-4-2022 (₹) | 31-3-2023 (₹) | |
| Cash | 20,000 | 18,000 |
| Bank | 30,000 | 33,000 |
| Debtors | 17,000 | 25,000 |
| Stock | 40,000 | 60,000 |
| Fixed Assets | 29,000 | 29,000 |
| Creditors | 52,000 | 32,000 |
| Loan | 10,000 | 25,000 |
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