Mr. Mangesh is dealing in business. He maintains his accounting with single entry.

TEXTBOOK PROBLEM NO. 1

[Adjustments like introduction of additional capital, drawings made, depreciation on fixed assets, R.D.D. on debtors, etc are considered in this problem.]

Mr. Mangesh is dealing in business. He maintains his accounting with single entry. The following are details of his business. (Textual Problem. No. 1) 

Statement of Profit or Loss for the year ended 31^stMarch, 2011

Particulars	1.4.2012	31.3.2013
Land and Building	40000	50000
Machinery	30000	40000
Furniture	10000	10000
Debtors	20000	40000
Stock	10000	25000
Cash Balance	5000	15000
Bills Receivable	5000	5000
Creditors	25000	25000
Bank Overdraft	5000	-
Bank Balance	-	10000

Mr. Mangesh introduced Rs. 10,000 as additional capital. He spent Rs. 45,000 for personal use. Depreciate Land and Building by Rs. 5000. Provide 5% R.D.D. on Debtors. 

Prepare Opening Statement of affairs. Closing statement of affairs and the statement of profit or loss.