Profit or loss
Dear Student
For finding for finding Net Profit or Loss Balance sheet has to be prepared :
Please note that : Net loss is the balancing figure taking into consideration that all the items of balancesheet were given in the question.
2. Interest on Wife's Loan is due and so it has been booked at the year end for 9 months @ 9% .
Regards
For finding for finding Net Profit or Loss Balance sheet has to be prepared :
| Balancesheet as at 31.12.2013 | ||||
| Liabilities | Amount | Assets | Amount | |
| (Rs) | (Rs) | |||
| Capital | 11,500 | Current Assets | ||
| Less : Drawings | 4,000 | Sundry Debtors | ||
| Less : Income Tax | Closing Stock | 9,400 | ||
| Less : Net Loss (B.Fig) | 770 | 6,730 | Bills Receivables | 7,000 |
| Bank | 600 | |||
| Loan from Wife | 4,000 | |||
| Current Liabilities | ||||
| Interest on Loan Due | 270 | |||
| Bills payable | 6,000 | |||
| 17,000 | 17,000 | |||
Please note that : Net loss is the balancing figure taking into consideration that all the items of balancesheet were given in the question.
2. Interest on Wife's Loan is due and so it has been booked at the year end for 9 months @ 9% .
Regards