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Question -

Manveer started his business on April 01, 2016 with a capital of Rs 4,50,000. On March 31, 2017 his position was as under:

 

Rs

Cash

99,000

Bills receivable

75,000

Plant

48,000

Land and Building

1,80,000

Furniture

50,000
He owned Rs 45,000 from his friend Susheel on that date. He withdrew Rs 8,000 per month for his household purposes. Ascertain his profit or loss for this year ended March 31, 2017.



Answer -

Books of Manveer

Statement of Affairs as on March 31, 2017

Liabilities

Amount Rs

Assets

Amount Rs

Loan from Susheel

45,000

Cash

99,000

 

 

Bills Receivable

75,000

 

 

Plant

48,000

Closing Capital

(Balancing Figure)

4,07,000

Land and Building

1,80,000

 

 

Furniture

50,000

 

 

 

 

 

4,52,000

 

4,52,000

 

 

 

 

 

Statement of Profit and Loss as on March 31, 2017

Particulars

Rs

Capital on March 31, 2017

4,07,000

Add: Drawings made during the year (Rs 8,000 × 12)

96,000

Less: Capital on April 01, 2016

(4,50,000)

 

 

Profit during the year 2017

53,000

 

 

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