Muneesh maintains his books on Single Entry System and from them and the particulars supplied, the following figures were gathered together on 31st March, 2023:

Muneesh maintains his books on Single Entry System and from them and the particulars supplied, the following figures were gathered together on 31st March, 2023:

Book Debts ₹ 10,000; Cash in Hand ₹ 510; Stock-in-Trade (estimated) ₹ 6,000; Furniture and Fittings ₹ 1,200; Trade Creditors ₹ 4,000; Bank Overdraft ₹ 1,000. Muneesh stated that he started business on 1st April 2022 with cash ₹ 6,000 paid into bank but stocks valued at ₹ 4,000. During the year he estimated his drawings to be ₹ 2,400. You are required to prepare the Statement, showing the profit for the year, after writing off 10% for Depreciation on Furniture and Fittings.

[Profit – ₹ 4,990.]