Mr. Anand gives you the following
information:
(10)
|
Particulars
|
31-03-2003 (`.)
|
31-03-2004 (`.)
|
|
Cash
|
5,000
|
6,000
|
|
Bank
|
15,000
|
18,000
|
|
Debtors
|
10,000
|
8,000
|
|
Stock
|
8,000
|
12,000
|
|
Furniture
|
12,000
|
12,000
|
|
Creditors
|
2,000
|
6,000
|
|
Bills
Payable
|
2,000
|
-
|
During the year Mr. Anand introduced `. 4,000 as further capital in the business. He has withdrawn
cash `. 20,000 out of which he spent `. 15,000 on 1-10-2003 for purchase of scooter for business use.
Adjustments:
(1) Depreciate furniture @ 10% p.a.
(2) Depreciate scooter @ 20% p.a.
(3) Create provision for doubtful
debts @ 5% of the debtors as on 31-03-2004.
(4) Provide interest on capital at
10% p.a.
Prepare:
(1) Statement of Affairs as on
31-03-2003.
(2) Statement of Affairs as on
31-03-2004.
(3) Statement of Profit or loss for
the year ended 31-03-2004.
Opening Statement of Affairs as on 31-3-2003
|
Liabilities
|
`.
|
`.
|
Assets
|
`.
|
`.
|
|
Capital
Creditors
Bills Payable
|
46,000
2,000
2,000
|
Cash
Bank
Debtors
Stock
Furniture
|
5,000
15,000
10,000
8,000
12,000
|
||
|
50,000
|
50,000
|
Closing Statement of Affairs as on 31-3-2003
|
Liabilities
|
`.
|
`.
|
Assets
|
`.
|
`.
|
|
Capital
Creditors
|
61,900
6,000
|
Cash
Bank
Debtors
Less: New R.D.D.
Stock
Scooters (1-10-03)
Less: Depreciation
Furniture
Less: Depreciation
|
8,000
400
15,000
1,500
12,000
1,200
|
6,000
18,000
7,600
12,000
13,500
10,800
|
|
|
67,900
|
67,900
|
Statement of Profit or Loss for the year ended 31-3-2004
|
Particulars
|
`.
|
`.
|
|
Closing capital
balance as on 31-3-04
Add: Drawings
Less: (1) Further
capital introduced
(2) Interest on capital
Less: Opening
capital balance as on 31-3-2003
|
4,000
4,600
|
61900
20000
81900
8600
73300
46000
|
|
Profit
|
27300
|
