MENU
Question -

Mr. Arnav does not keep proper records of his business he provided following information, you are required to prepare a statement showing the profit or loss for the year.

 

Rs

Capital at the beginning of the year

15,00,000

Bills receivable

60,000

Cash in hand

80,000

Furniture

9,00,000

Building

10,00,000

Creditors

6,00,000

Stock in trade

2,00,000

Further capital introduced

3,20,000

Drawings made during the period

80,000
Ascertainment of statement of affairs at the beginning and at the end of the year and calculation of profit or loss.



Answer -

Books of Mr. Arnav

Statement of Affairs at the end of year

Liabilities

Amount

Rs

Assets

Amount

Rs

Creditors

6,00,000

Bills Receivable

60,000

Capital (Balance figure)

16,40,000

Cash in Hand

80,000

 

 

Furniture

9,00,000

 

 

Building

10,00,000

 

 

Stock in Trade

2,00,000

 

 

 

 

 

22,40,000

 

22,40,000

 

 

 

 

 

Statement of Profit and Loss

Particulars

Amount

Rs

Capital at the end of the year

16,40,000

Add: Drawings during the year

80,000

Less: Capital at the beginning of the year

(15,00,000)

Less: Further capital introduced

(3,20,000)

Loss during the year

1,00,000

 

 

Comment(S)

Show all Coment

Leave a Comment

Free - Previous Years Question Papers
Any questions? Ask us!
NodeJS Interview Questions Answers
ASP.Net Interview Questions Answers
Interview Questions Answers
×