TEXTUAL PROBLEM NO. 6
SINGLE ENTRY
6. Mr. Govind keeps his books on Single Entry System and disclosed the following information of his business.
Particulars
|
1.4.2010
|
31.3.2011
|
Investments
|
-
|
30000
|
Bills Payable
|
-
|
18000
|
Creditors
|
52500
|
69000
|
Furniture
|
15000
|
15000
|
Debtors
|
60000
|
90000
|
Stock in Trade
|
30000
|
37500
|
Cash at Bank
|
36000
|
54000
|
Additional Information:
1. Mr. Govind transferred Rs. 300 per month during first half year and Rs. 200 each month for the remaining period from his business to his personal account. He also took goods of Rs. 700 for private use.
2. Mr. Govind sold his personal asset for Rs. 7000 and brought the proceeds into his business.
3. Furniture to be depreciated by 10%.
4. Provide R.D.D. 5% on Debtors.
Prepare Opening and Closing Statement of affairs and statement of profit or loss for the year ended 31st March 2011.
