X, a retailer, has not kept proper books of account but it has been possible to obtain the following details:
|Previous Year (₹)||Current Year (₹)|
Loan from Naresh
Cash in Hand
Calculate profit/loss for the current year and draft statement of Affairs at the end of the year after noting that:
(a) Shop Fittings are to be depreciated by ₹ 780.
(b) X has drawn ₹ 100 per week for his own use.
(c) Included in the Trade Debtors is an irrecoverable balance of ₹ 270.
(d) Interest at 5% p.a. is due on the loan from Naresh, but has not been paid for the year.