Mr. Anil keeps his books by single entry method. Following are the details of his business: [8]
Particulars
|
01.04.2012
Amount
(Rs.)
|
31.03.2013
Amount
(Rs.)
|
Cash in hand
|
10000
|
16000
|
Cash at bank
|
20000
|
36000
|
Stock
|
16000
|
24000
|
Furniture
|
18000
|
18000
|
Plant and Machinery
|
60000
|
90000
|
Creditors
|
15000
|
18000
|
Debtors
|
24000
|
30000
|
During the year Mr. Anil has withdrawn ₹ 10,000 for his private purpose and bought goods of ₹ 2000 for household use.
On 1st October 2012, he sold his household furniture for ₹ 2,000 and deposited the same amount in the business bank account.
Provide depreciation on Machinery @ 10% p.a. (assuming additions were made on 1st October, 2012) and on furniture @ 5%.
Prepare:
(a) Opening Statement of Affairs.
(b) Closing Statement of Affairs.
(c) Statement of Profit or Loss for the year ended 31st March 2013.
Solution :
