Particulars
|
1.4.2012
|
31.3.2013
|
Amount (Rs. )
|
Amount (Rs.)
| |
Investments
|
12000
| |
Bank overdraft
|
10000
| |
Bills payable
|
5000
|
8000
|
Creditors
|
26500
|
31500
|
Furniture
|
9000
|
19000
|
Debtors
|
35000
|
50000
|
Stock
|
15000
|
19000
|
Bank Balance
|
18000
|
28000
|
Further information:
(1) Mrs. Shailaja withdrew Rs. 4000 for her personal use. She received Rs. 15,000 from her father as gift, which she brought into the business.
(2) Additional furniture was purchased on 01.10.2012. Depreciate furniture by 10% p.a.
(3) Write off Rs. 1,000 as bad debts and provide 5% R.D.D. on debtors.
Prepare: Opening and closing statement of affairs and statement of profit or loss for the year ended 31st March, 2013.
Solution:
In the books of Mrs. Shailaja
Opening Statement of Affairs as on 1.4.2012
Liabilities
|
Amount (Rs)
|
Assets
|
Amount (Rs.)
|
Capital A/c
[Bal. fig.]
|
45500
|
Investments
|
-
|
Bank Overdraft
|
-
|
Furniture
|
9000
|
Bills payable
|
5000
|
Debtors
|
35000
|
Creditors
|
26500
|
Stock
|
15000
|
Bank Balance
|
18000
| ||
77000
|
77000
|
Closing Statement of Affairs as on 31. 03. 2013
Liabilities
|
Amount (Rs.)
|
Assets
|
Amount (Rs.)
|
Capital A/c
[Bal. fig.]
|
78500
|
Investments
|
12000
|
Bank Overdraft
|
10000
|
Furniture
|
19000
|
Bills payable
|
8000
|
Debtors
|
50000
|
Creditors
|
31500
|
Stock
|
19000
|
Bank Balance
|
28000
| ||
128000
|
128000
| ||
Statement of Profit or Loss or Mrs. Shailaja for the year ended 31. 03. 2013
Particulars
|
Amount (Rs.)
|
Amount (Rs.)
|
Capital at the end of the year.
|
78500
| |
Add: Drawings during the year
|
+ 4000
| |
82500
| ||
Less: Additional capital introduced
|
-15000
| |
Adjusted Closing Capital
|
67500
| |
Less: Capital at the beginning of the year
|
-45500
| |
Profit Before Adjustments
|
22000
| |
Add: Income and Gains during the year.
|
-
| |
Less: Expenses and Losses During the year.
| ||
Depreciation: On Furniture
On Opening Balance: 9000 x 10% = 900
On Additional Balance : 10000 x 10% x 6 months = 500
|
1400
| |
Bad debts
|
1000
| |
R.D.D. on Debtors
(50000 - 1000) x 5% = 2450
|
2450
|
-4850
|
Net Profit for the year.
|
17150
|
