|
Particular
|
1 st April, 12 (Rs.)
|
31 st March, 13
(Rs.)
|
|
Investments
|
|
30000
|
|
Bills payable
|
|
18000
|
|
Creditors
|
52500
|
69000
|
|
Furniture
|
15000
|
45000
|
|
Debtors
|
60,000
|
90,000
|
|
Stock in Trade
|
30,000
|
37,500
|
|
Cash at Bank
|
36,000
|
54,000
|
Additional information
(1) Mr. Keshav transferred Rs. 3,000
per month during the first half year and Rs. 2000 per month for the second half
year from business account to his personal account.
(2) he also took goods worth Rs. 7,000
for private use.
(3) He sold his private asset for Rs.
27,000 and brought the proceeds into his business.
(4) Furniture to be depreciated by 10%.
(5) Provide reserve for doubtful debts
at 5% on debtors.
Prepare: (i) Opening statement of
affairs.
(ii) Closing statement of affairs.
(iii) Statement of Profit and Loss for
the year ended 31st March, 2013.
Solution:
Opening statement of affairs as on 1st
April, 2012
|
Liabilities
|
Rs.
|
Assets
|
Rs.
|
|
Capital at the Beginning of the Year.
|
88,500
|
Furniture
|
15,000
|
|
Creditors
|
52500
|
Debtors
|
60,000
|
|
|
|
Stock in trade
|
30,000
|
|
|
|
Cash at bank
|
36,000
|
|
|
1,41,000
|
|
1,41,000
|
Closing Statement of affairs as on 31st March, 2013
|
Liabilities
|
Rs.
|
Assets
|
Rs.
|
|
Capital at the End of the year.
|
169500
|
Investments
|
30,000
|
|
Bills Payable
|
18000
|
Furniture
|
45,000
|
|
Creditors
|
69,000
|
Debtors
|
90,000
|
|
|
|
Stock in Trade
|
37,500
|
|
|
|
Cash at bank
|
54,000
|
|
|
256500
|
|
256500
|
Statement of Profit and Loss for the year ended 31st March, 2013
|
Particulars
|
Rs.
|
Rs.
|
|
Capital at the end
of the year
|
|
169500
|
|
Add: Drawings
|
|
|
|
First 6 months = 6
Months × Rs. 3000
|
18,000
|
|
|
Next 6 months = 6
months × Rs. 2,000
|
12,000
|
|
|
Goods
|
7000
|
+ 37,000
|
|
|
|
2,06,500
|
|
Less: Additional
Capital Introduced
|
|
|
|
Sale Proceeds of
private asset utilized in the business
|
|
-
27,000
|
|
|
|
1,79,500
|
|
Less: Capital at
the beginning of the year.
|
|
-88,500
|
|
Trading Profit
|
|
91,000
|
|
Less: Depreciation
|
|
|
|
On Furniture
|
|
|
|
45,000 × 10%
|
|
-
4500
|
|
|
|
86500
|
|
Less: R.D.D.
|
|
|
|
On Debtors
|
|
|
|
90,000 × 5%
|
|
-
4500
|
|
Net Profit
|
|
82,000
|
