Following
records of Mr. Raj were kept on single entry system. (March 2009)
|
Particular
|
31.3.2006
|
31.3.2007
|
|
Stock
Furniture
Plant and Machinery
Loan taken
Bank Balance
Debtors
Creditors
|
15000
53500
42500
21000
1900
43000
18000
|
14000
44000
55500
21000
2100
35000
14900
|
Mr. Raj invested Rs. 4000 in
the business.
Also he had withdrawn Rs.
15,000 for his private expenses from business.
Rs. 500 to be provided for
bad debts.
Depreciate plant and
machinery @ 5% and furniture @5%
Prepare:
i.
Statement of Affairs as on
31.3.2006.
ii.
Statement of Affairs as on
31.3.2007.
iii.
Statement of Profit and Loss
for the year ended on 31.3.2007.
| Capial at the Begining of the year 116900 | Capital at the end of the year 114700 | Trading Profit 8800 | Net Profit 3325 |
