TEXT BOOK PROBLEM NO. 2
[Adjustments like addition made to assets, depreciation on fixed assets, bad debts, R.D.D., drawing, additional capital introduced during the year, etc. are considered in this problem:]
[Adjustments like addition made to assets, depreciation on fixed assets, bad debts, R.D.D., drawing, additional capital introduced during the year, etc. are considered in this problem:]
2. Mrs. Ankita keeps her books under single entry system and gives the following information. (Textbook Problem No. 2)
Particulars
|
01-04-2011
|
31-03-2012
|
Investments
|
-
|
12000
|
Bank Overdraft
|
-
|
10000
|
Bills Payable
|
5000
|
8000
|
Creditors
|
26500
|
31500
|
Furniture
|
9000
|
19000
|
Debtors
|
35000
|
50000
|
Stock in Trade
|
15000
|
19000
|
Bank Balance
|
18000
|
28000
|
Mrs. Ankita withdrew Rs. 4000 for her personal use. She received Rs. 15000 from her father as gift, which she brought into the business.
Additional furniture was purchased on 1stOctober 2011. Depreciate furniture by 10% p.a. Write off Rs. 1000 as bad debts and provide 5% R.D.D. on debtors. Find the profit or loss of her business for the year ended 31stMarch, 2012.
