Question - 11 : - From the following information, calculate capital at the beginning:

Rs

Capital at the end of the year

4,00,000

Drawings made during the year

60,000

Fresh capital introduce during the year

1,00,000

Profit of the current year

80,000

Answer - 11 : -

Capital in the beginning	=	Capital at the end + Drawings – (Fresh Capital Introduced + Profit)
	=	4,00,000 + 60,000 – (1,00,000 + 80,000)
	=	Rs 2,80,000

Question - 12 : - Following information is given below: calculate the closing capital

April.01, 2016

March.31, 2017

Rs

Rs

Creditors

5,000

30,000

Bills payable

10,000

–

Loan

–

50,000

Bills receivable

30,000

50,000

Stock

5,000

30,000

Cash

2,000

20,000

Calculation of profit or loss and ascertainment of statement of affairs at the end of the year (Opening Balance is given)

Answer - 12 : -

Statement of Affairs as on April 01, 2016
Liabilities	Amount Rs	Assets	Amount Rs
Creditors	5,000	Bills Receivable	30,000
Bills Payable	10,000	Stock	5,000
Capital (Balancing figure)	22,000	Cash	2000

	37,000		37,000

Statement of Affairs as on March 31, 2017
Liabilities	Amount Rs	Assets	Amount Rs
Creditors	30,000	Bills Receivable	50,000
Loan	50,000	Stock	30,000
Capital (Balancing figure)	20,000	Cash	20,000

	1,00,000		1,00,000

Capital on March 31, 2017 (Closing)is Rs 20,000

Statement of Profit and Loss
Particulars	Amount Rs
Capital on March 31, 2017	20,000
Less: Capital on April 01, 2016	(22,000)

Loss during the year 2017	(2,000)

Question - 13 : - 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 - 13 : -

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

Question - 14 : - Mr. Akshat keeps his books on incomplete records following information is given below:

April 01, 2016

March 31, 2017

Rs

Rs

Cash in hand

1,000

1,500

Cash at bank

15,000

10,000

Stock

1,00,000

95,000

Debtors

42,500

70,000

Business premises

75,000

1,35,000

Furniture

9,000

7,500

Creditors

66,000

87,000

Bills payable

44,000

58,000

During the year he withdrew Rs 45,000 and introduced Rs 25,000 as further capital in the business compute the profit or loss of the business.

Answer - 14 : -

Books of Mr. Akshat Statement of Affairs as on April 01, 2016
Liabilities	Amount Rs	Assets	Amount Rs
Creditors	66,000	Cash in Hand	1,000
Bills Payable	44,000	Cash at Bank	15,000
Capital (Balancing figure)	1,32,500	Stock	1,00,000
		Debtors	42,500
		Business Premises	75,000
		Furniture	9,000
	2,42,500		2,42,500

Statement of Affairs as on March 31, 2017
Liabilities	Amount Rs	Assets	Amount Rs
Creditors	87,000	Cash in Hand	1,500
Bills Payable	58,000	Cash at Bank	10,000
Capital (Balancing figure)	1,74,000	Stock	95,000
		Debtors	70,000
		Business Premises	1,35,000
		Furniture	7,500
	3,19,000		3,19,000

Statement of Profit and Loss as on March 31, 2017
Particulars	Amount Rs
Capital on March 31, 2017	1,74,000
Add: Drawings made during the year	45,000
Less: Capital on April 01, 2016	(1,32,500)
Less: Additional capital introduced	(25,000)

Profit earned by Mr. Akshat during the year 2016–2017	61,500

Question - 15 : - 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 - 15 : -

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

Question - 16 : - 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 - 16 : -

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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	Rs
Capital at the end of the year	4,00,000
Drawings made during the year	60,000
Fresh capital introduce during the year	1,00,000
Profit of the current year	80,000

	April.01, 2016		March.31, 2017
		Rs		Rs
Creditors		5,000		30,000
Bills payable		10,000		–
Loan		–		50,000
Bills receivable		30,000		50,000
Stock		5,000		30,000
Cash		2,000		20,000

	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

	April 01, 2016		March 31, 2017
		Rs		Rs
Cash in hand		1,000		1,500
Cash at bank		15,000		10,000
Stock		1,00,000		95,000
Debtors		42,500		70,000
Business premises		75,000		1,35,000
Furniture		9,000		7,500
Creditors		66,000		87,000
Bills payable		44,000		58,000

	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

Chapter 3 Accounts from Incomplete Records Solutions

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