TEXTUAL PROBLEM NO. 9
SINGLE ENTRY ACCOUNTING SYSTEM.
9. Asha and Usha were partners’ sharing profits and losses in the ratio of 2:1. Prepare their statement of Profit or Loss for the year ended 31st March, 2012 from the following statement of Affairs as on 31st March, 2011.
Statement of Affairs as on 31st March, 2011.
Liabilities
|
Amount
|
Assets
|
Amount
|
Creditors
|
33,000
|
Cash at Bank
|
6000
|
Bills Payable
|
9000
|
Cash in Hand
|
2000
|
Capitals: Asha
|
62000
|
Building
|
41,000
|
Usha
|
32000
|
Machinery
|
21000
|
Furniture
|
10000
| ||
Stock
|
18000
| ||
Debtors
|
25000
| ||
Bills Receivable
|
13000
| ||
136000
|
136000
|
The assets and liabilities as on 31st March 2012 were:
Sundry Creditors Rs. 35,000, Bills Receivable Rs. 18,000, Bills Payable Rs. 15,000, Cash in hand Rs. 3000, Stock Rs. 32,000. Cash at Bank Rs. 6,000, Debtors Rs. 38,000. There were no changes in fixed assets.
Further information:
(1) Asha and Usha had drawn Rs. 10,000 and Rs. 8000 respectively for personal use.
(2) They also brought additional capital of Rs. 6000 and 4000 respectively.
(3) Building to be depreciated by 5% and machinery and furniture at 10%.
(4) Allow interest at 10% p.a. on opening capitals and charge interest on drawings of Asha and Usha at Rs. 700 and Rs. 500 respectively.
