Sanjay is a small cloth merchant, who had not kept complete double entry records. His position on 1st April, 2016 and on 31st March, 2017 is as follows:
Particulars 1st April, 2016 (Rs.) 31st March, 2017 (Rs.)
Cash in Hand 13,000 12,000
Cash at Bank 15,000 18,000
Debtors 18,000 25,000
Stock 29,000 31,000
Furniture 5,000 6,000
Machinery 5,000 5,000
Creditors 18,000 25,000
Outstanding Expenses 1,500 ...
Prepaid Insurance ... 400

‚ÄčOn 31st October, 2016, Sanjay introduced Rs. 5,000 as further capital in the business and withdrew on the same date Rs. 2,000 forr personal use.

‚ÄčDepreciation is to be calculated on machinery @ 10% per annum. A provision for doubtful debts is to be created on sundry debtors at 5%. Goods taken for personal use amounted to Rs. 1,500. Also provide Interest on Capital at 10% per annum.

Prepare a statement showing the trading results for the year ended 31st March, 2017.

Solution of sum of ch incomplete records

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