dk goel class 11 pg no.22.31 ques no. 21(additional ques)
ch -ac frm incomplete records
Ques- year starts frm 1apr 2011 to 31 mar 2012. op cap=1,64,500 position on 31 mar 2012 was as follows-
cash in hand and bank 8,000
stock 44,000
debtors 21,000
fixed assets 80,000
creditors 22,000
Drawings=4,500rs+2,000rs per month out of his drawings he spent rs 15,000 for purchasing a scooter for business on 1 oct 2011
Find out profit or loss and prepare statement of affairs
adjustmnts:-
1.Depreciate fixd assets & sccoter by 10% p.a.
2.write off bad debts 1,000rs and provide 5% for doubtful debts on debtors
3.commision earned not received 2,500 rs
(Ans-clos cap.= 1,46,000,net loss=13,250&total final s.o.a=1,59,750)
plzz solve thiss question
Dear Student,
The solution to your query is as follows:
|
Statement of Affairs as on March 31, 2012 |
|||||
|
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
|
Creditors |
22,000 |
Cash in Hand |
8,000 |
||
|
Capital (Balancing Figure) |
1,37,750 |
Stock |
44,000 |
||
|
|
|
Debtors |
21,000 |
|
|
|
|
|
Less: Bad debts |
1,000 |
|
|
|
|
|
Less: Provision for bad and doubtful debts |
1,000 |
19,000 |
|
|
|
|
Accrued Commission |
2,500 |
||
|
|
|
Fixed Assets |
80,000 |
|
|
|
|
|
Less: Depreciation |
8,000 |
72,000 |
|
|
|
|
Scooter |
15,000 |
|
|
|
|
|
Less: Depreciation |
750 |
14,250 |
|
|
|
1,59,750 |
|
1,59,750 |
||
|
|
|
|
|
||
|
Statement of Profit or Loss for the year ended March 31, 2012 |
||
|
Particulars |
Amount (Rs) |
|
|
Capital at the end of the year |
1,37,750 |
|
|
|
Add: Drawings made during the year (4,500 + 24,000 – 15,000)* |
13,500 |
|
|
Less: Additional capital introduced during the year |
- |
|
Adjusted capital at the end of the year |
1,51,250 |
|
|
|
Less: Capital in the beginning of the year |
1,64,500 |
|
Net Loss for the year |
13,250 |
|
|
|
|
|
* Amount withdrawn for drawings have been used for purchasing Scooter, therefore, such amount is deducted from the total drawings.
Working Notes:
1. 
2.
Hope this answers your query.
Keep posting!!