Particulars
|
31.3.2011
|
31.3.2012
|
Cash
at Bank
|
10000
|
64000
|
Sundry
debtors
|
50000
|
80000
|
Stock
in Trade
|
60000
|
100000
|
Furniture
|
40000
|
40000
|
Machinery
|
100000
|
100000
|
Bills
Payable
|
10000
|
10000
|
Sundry
Creditors
|
30000
|
40000
|
Mrs. Asha withdrew from business
Rs. 30,000 for personal use. She further introduced fresh capital of Rs.
50,000.
Depreciation is to be charged @
10% p.a. on furniture and machinery.
Prepare:
(a) Statement of affairs as on
31.3.2011
(b) Statement of affairs as on
31.3.2012
(c) Statement of Profit or Loss
for the year ending 31.3.2012.
Solution: In the Books of Mrs. Asha
Statement of Affairs as on 31st March, 2011
and 31st March, 2012
Liabilities
|
31.3.11
|
31.3.12
|
Assets
|
31.3.11
|
31.3.12
|
Bills payable
|
10000
|
10000
|
Cash at Bank
|
10000
|
64000
|
Sundry creditors
|
30000
|
40000
|
Sundry Debtors
|
50000
|
80000
|
Capital Funds
|
220000
|
3,34000
|
Stock in Trade
|
60000
|
100000
|
Furniture
|
40000
|
40000
|
|||
Machinery
|
100000
|
100000
|
|||
260000
|
384000
|
260000
|
384000
|
Statement of Profit or Loss for the year ended 31st
March, 2012.
Particulars
|
Amount
|
Amount
|
Capital at the end of the Year
|
334000
|
|
Add: Drawings
|
+30000
|
|
364000
|
||
Less: Additional Capital
Introduced
|
-50000
|
|
314000
|
||
Less: Capital at the End of the
Year
|
220000
|
|
Trading Profit
|
94,000
|
|
Less: Depreciation
|
||
On Furniture = 40000 × 10%
|
4000
|
|
On Machinery = 100000 × 10%
|
10000
|
-
14000
|
Net Profit
|
80,000
|