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Question -

From the information given below ascertain the profit for the year:

 

Rs

Capital at the beginning of the year

70,000

Additional capital introduced during the year

17,500

Stock

59,500

Sundry debtors

25,900

Business premises

8,600

Machinery

2,100

Sundry creditors

33,400

Drawings made during the year

26,400



Answer -

Statement of Affairs

Liabilities

Amount Rs

Assets

Amount Rs

Sundry Creditors

33,400

Stock

59,500

Capital (Balancing figure)

62,700

Sundry Debtors

25,900

 

 

Business Premises

8,600

 

 

Machinery

2,100

 

 

 

 

 

 

 

 

 

96,100

 

96,100

 

 

 

 

 

Statement of Profit and Loss

Particulars

Amount

Rs

Capital at the end of the year

62,700

Add: Drawings made during the year

26,400

Less: Capital of the beginning of the year

(70,000)

Less: Additional capital introduced during the year

(17,500)

Profit during the year

1,600

 

 

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