# 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* Amount withdrawn for drawings have been used for purchasing Scooter, therefore, such amount is deducted from the total drawings.

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