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Question -

Mr. Muneesh maintains his books of accounts from incomplete records. His books provide the information:

 

April. 01, 2016

March. 31, 2017

 

 

Rs

 

Rs

Cash

 

1,200

 

1,600

Bills receivable

 

–

 

2,400

Debtors

 

16,800

 

27,200

Stock

 

22,400

 

24,400

Investment

 

–

 

8,000

Furniture

 

7,500

 

8,000

Creditors

 

14,000

 

15,200
He withdrew Rs 300 per month for personal expenses. He sold his investment of Rs 16,000 at 2% premium and introduced that amount into business.



Answer -

Statement of Affairs as on April 01, 2016

Liabilities

Amount Rs

Assets

Amount Rs

Creditors

14,000

Cash

1,200

 

 

Debtors

16,800

 

 

Stock

22,400

 

 

Furniture

7,500

Capital (Balancing figure)

33,900

 

 

 

 

 

 

 

47,900

 

47,900

 

 

 

 

 

Statement of Affairs as on March 31, 2017

Liabilities

Amount Rs

Assets

Amount Rs

Creditors

15,200

Cash

1,600

 

 

Bills Receivable

2,400

 

 

Debtors

27,200

 

 

Stock

24,400

Capital (Balancing figure)

56,400

Investment

8,000

 

 

Furniture

8,000

 

71,600

 

71,600

 

 

 

 

 

Statement of Profit and Loss as on March 31, 2017

Particulars

Amount

Rs

Capital on March 31, 2017

56,400

Add: Drawing made during the year (Rs 300 × 12)

3,600

Less: Capital on April 01, 2016

(33,900)

Less: Additional Capital Introduced

(16,320)

 

 

Profit earned during the year 2017

9,780

 

 

 

 Working Note:

Additional Capital Introduced

=

16,000 ×

102

100

 

=

16,320

 

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