Creditors
Bills Payable
Bank
Debtors
Stock
Plant
Furniture
30,000
10,000
10,000
50,000
40,000
68,000
12,000
During the year 2008-09 , X drew Rs. 24,000. On 1stOctober, 2008, he introduced further capital amounting to Rs.30,000. You are required to ascertain Profit or Loss made by him during the year 2008-09.
Adjustments :
(a) Plant is to be depreciated at 10%
(b) A provision of 5% is to be made against debtors.
Also prepare the Statement of Affairs as on 31st March, 2009.
7. Mr ram is running a sole proprietary business. The closing stock as per the inventory records for the year ended 31 December 2015 was '150,000. The market value of closing stock was '50,000. The closing stock was recorded at '150.000 in the financial statement. The financials were submitted to the bank and overdraft was sanctioned by bank based on the stock and Receivables. Identify and explain the concept not followed by Mr. Ram. Also state any two values violated by Mr. Ram.
Q12. On 1st April, 2008, X started a business with Rs. 40,000 as his capital. On 31st March, 2009, his position was as follows :
Bills Payable
Bank
Debtors
Stock
Plant
Furniture
10,000
10,000
50,000
40,000
68,000
12,000
During the year 2008-09 , X drew Rs. 24,000. On 1st October, 2008, he introduced further capital amounting to Rs.30,000. You are required to ascertain Profit or Loss made by him during the year 2008-09.
Adjustments :
(a) Plant is to be depreciated at 10%
(b) A provision of 5% is to be made against debtors.
Also prepare the Statement of Affairs as on 31st March, 2009.
of the Balance Sheet”. Do you agree?