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Question -

Gopal does not keep proper books of account. Following information is given below:

 

April. 01, 2016

March. 31, 2017

 

 

Rs

 

Rs

Cash in hand

 

18,000

 

12,000

Cash at bank

 

1,500

 

2,000

Stock in trade

 

80,000

 

90,000

Sundry debtors

 

36,000

 

60,000

Sundry creditors

 

60,000

 

40,000

Loan

 

10,000

 

8,000

Office equipments

 

25,000

 

30,000

Land and Building

 

30,000

 

20,000

Furniture

 

10,000

 

10,000
During the year he introduced Rs 20,000 and withdrew Rs 12,000 from the business. Prepare the statement of profit or loss on the basis of given information



Answer -

Books of Gopal

Statement of Affairs as on April 01, 2016

Liabilities

Amount

Rs

Assets

Amount

Rs

Sundry Creditors

60,000

Cash in hand

18,000

Loan

10,000

Cash at bank

1,500

 

 

Stock in trade

80,000

 

 

Sundry Debtors

36,000

 

 

Office Equipments

25,000

Capital (Balancing figure)

1,30,500

Land and Buildings

30,000

 

 

Furniture

10,000

 

2,00,500

 

2,00,500

 

 

 

 

 

Statement of Affairs as on March 31, 2017

Liabilities

Amount

Rs

Assets

Amount

Rs

Sundry Creditors

40,000

Cash in Hand

12,000

Loan

8,000

Cash at Bank

2,000

 

 

Stock in Trade

90,000

 

 

Sundry Debtors

60,000

 

 

Office Equipments

30,000

Capital (Balancing figure)

1,76,000

Land and Buildings

20,000

 

 

Furniture

10,000

 

2,24,000

 

2,24,000

 

 

 

 

 

Statement of Profit and Loss as on March 31, 2017

Particulars

Amount

Rs

Capital on March 31, 2017

1,76,000

Add: Drawing made during 2017

12,000

Less: Capital on April 01, 2016

(1,30,500)

Less: Additional capital introduced

(20,000)

 

 

Profit during the year

37,500

 

 

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