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Statement of Profit or Loss for the year ended 31st March, 2016.
In the books of Miss kalpana
Closing Statement of Affairs as on 31st March, 2016
Liabilities
|
Amount
|
Assets
|
Amount
|
Bills payable
|
12880
|
Cash
|
9120
|
Creditors
|
17180
|
Stock
|
10250
|
Capital (Balancing Figure)
|
175980
|
Debtors
|
31000
|
Prepaid Insurance
|
550
| ||
Bills Receivable
|
29120
| ||
Premises
|
85800
| ||
Vehicles
|
40200
| ||
206040
|
206040
|
Statement of Profit or Loss for the year ended 31st March, 2016.
Particulars
|
Amount (Rs.)
|
Amount (Rs.)
|
Capital at the end of the year.
|
175980
| |
Add: Drawings during the year
|
10000
| |
185980
| ||
Less: Additional Capital Introduced
|
-20000
| |
Adjusted Closing capital
|
165980
| |
Less: Capital at the beginning of the year.
|
-130000
| |
Profit Before Adjustments
|
35980
| |
Add: Incomes and Gains during the year
| ||
Decrease in the value of creditors
|
-2180
| |
38160
| ||
Less: Expenses and losses During the year.
| ||
(1) Interest on Capital (6500 + 500)
|
7000
| |
(2) Bad debts
|
1000
| |
(3) Reserve for Doubtful Debts
|
750
| |
(4) Depreciation on Vehicles
|
4020
| |
(5) Depreciation on Premises
|
4290
|
- 17060
|
NET PROFIT
|
21100
|
