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Page No 21.18:

Answer:

Statement of Profit or Loss

Particulars

Amount

(Rs)

Capital at the end

90,000

Add: Drawings

5,000

 

95,000

Less: Additional Capital Introduced

(10,000)

Adjusted Capital at the end

85,000

Less: Capital in the beginning

60,000

Net Profit for the year

25,000

 

 

Page No 21.18:

Answer:

Capital at the end

=

Opening Capital + Additional Capital + Profit − Drawings

 

=

70,000 + 20,000 + 20,000 − 7,000 = Rs 1,03,000

Page No 21.18:

Answer:

Statement of Profit or Loss

Particulars

Amount

(Rs)

Capital as on March 31, 2016

16,900

Add: Drawings

4,800

 

21,700

Less: Addition Capital Introduced

(2,000)

Adjusted Capital as on March 31, 2016

19,700

Less: Capital as on April 01, 2015

(15,200)

Profit made during the year 2015-16

4,500

 

 

Page No 21.18:

Answer:

Statement of Affairs

as on March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Sundry Creditors

1,200

Cash

320

Brother’s Loan

1,000

Stock

3,480

Capital (Balancing Figure)

13,200

Debtors

3,100

 

 

Plant

8,500

 

 

 

 

 

15,400

 

15,400

 

 

 

 

 

Statement of Profit or Loss

for the year end March 31, 2016

Particulars

Amount

(Rs)

Capital as on March 31, 2016

13,200

Add: Drawings (Rs 200 × 12)

2,400

 

15,600

Less: Capital as on April 01, 2015

(10,000)

Profit made during the year 2015-2016

5,600

 

 



Page No 21.19:

Answer:

Books of Ram Prashad

Statement of Affairs

as on March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Trade Creditors

4,000

Book Debts

10,000

Bank Overdraft

1,000

Cash in Hand

510

Capital (Balancing Figure)

12,590

Stock

6,000

 

 

Furniture and Fittings

1,200

 

 

 

Less: 10% Depreciation

120

1,080

 

 

 

 

 

17,590

 

17,590

 

 

 

 

 

Statement of Affairs

as on April 01, 2015

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Capital (Balancing Figure)

10,000

Bank

6,000

 

 

Stock

4,000

 

 

 

 

 

10,000

 

10,000

 

 

 

 

 

Statement of Profit or Loss

for the year and March 31, 2016

Particulars

Amount

(Rs)

Capital as on March 31, 2016

12,590

Add: Drawings

2,400

 

14,990

Less: Capital as on April 01, 2015

(10,000)

Profit made during the year 2015-16

4,990

 

 

Page No 21.19:

Answer:

Statements of Affairs

as on April 01, 2015

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Sundry Creditors

1,750

Furniture

200

Capital (Balancing Figure)

3,500

Stock

2,800

 

 

Sundry Debtors

2,100

 

 

Cash

150

 

 

 

 

 

5,250

 

5,250

 

 

 

 

 

Statement of Affairs

as on March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Sundry Creditors

1,900

Furniture

200

 

Loan

500

Less: 10% Depreciation

(20)

180

Capital (Balancing Figure)

5,390

Stock

3,050

 

 

Sundry Debtors

3,400

 

 

 

Less: 10% Reserve for Doubtful Debts

(340)

3,060

 

 

Cash

200

 

 

Bills Receivables

300

 

 

Investments

1,000

 

 

 

 

 

7,790

 

7,790

 

 

 

 

 

Statement of Profit or Loss

for the year ended March 31, 2016

Particulars

Amount

(Rs)

Capital as on March 31, 2016

5,390

Add: Drawings

500

 

5,890

Less: Capital as on April 01, 2015

(3,500)

Profit made during the year 2015-16

2,390

 

 

Page No 21.19:

Answer:

Statement of Affairs

as on March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Wife’s Loan

5,000

 

Furniture and Fixture

2,000

 

Add: Outstanding Interest

 

Less: 10% Depreciation

(200)

1,800

(5,000 × 9% × 6/12)

225

5,225

Cash in Hand

2,800

Sundry Creditors

500

Sundry Debtors

4,800

Rent Outstanding

150

Stock

6,800

Capital (Balancing Figure)

11,925

Bills Receivable

1,600

 

 

 

 

 

17,800

 

17,800

 

 

 

 

 

Statement of Profit or Loss

for the year ended March 31, 2016

Particulars

Amount

(Rs)

Capital as on March 31, 2016

11,925

Add: Drawings (300 × 12)

3,600

 

15,525

Less: Additional Capital Introduce

(1,500)

Adjusted Capital as on March 31, 2016

14,025

Less: Capital as on April 01, 2015

(10,000)

Profit made during the year 2015-16

4,025

 

 

Page No 21.19:

Answer:

Statement of Affairs

as on April 01, 2015

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Creditors

350

Cash in Hand

150

Capital (Balancing Figure)

1,400

Bank Balance

750

 

 

Furniture

100

 

 

Stock

500

 

 

Debtors

250

 

1,750

 

1,750

 

 

 

 

 

Statement of Affairs

as on March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Creditors

400

Cash in Hand

175

Capital (Balancing Figure)

1,625

Bank Balance

800

 

 

Furniture

100

 

 

Stock

650

 

 

Debtors

300

 

2,025

 

2,025

 

 

 

 

 

Statement of Profit or Loss

for the year ended March 31, 2016

Particulars

Amount

(Rs)

Capital as on March 31, 2016

1,625

Add: Drawings

500

 

2,125

Less: Additional Capital Introduced

(250)

Adjusted Capital as on March 31, 2016

1,875

Less: Capital as on April 01, 2015

(1,400)

Profit made during the year 2015-16

475

 

 



Page No 21.20:

Answer:

Statement of Affairs

as on April 01, 2015

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Sundry Creditors

2,000

Cash

600

Bills Payable

1,500

Sundry Debtors

6,800

 

 

Stock

5,900

Capital (Balancing Figure)

11,300

Furniture

1,500

 

 

 

 

 

14,800

 

14,800

 

 

 

 

 

Statement of Affairs

as on March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Sundry Creditors

1,800

Cash

700

Bills Payable

1,100

Stock

8,700

9% Loan from Friend

2,000

 

Furniture

1,350

Add: Interest Outstanding (2,000 × 9% × 6/12)

 

90

 

2,090

 

 

Capital (Balancing Figure)

11,840

 

 

 

 

Sundry Debtors

6,400

 

 

 

Less: 5% Provision for Doubtful Debts

 

(320)

 

6,080

 

 

 

 

 

16,830

 

16,830

 

 

 

 

 

Statement of Profit or Loss

for the year ended March 31, 2016

Particulars

Amount

(Rs)

Capital as on March 31, 2016

11,840

Add: Drawings (Rs 250 × 12)

3,000

 

14,840

Less: Capital as on April 01, 2015

(11,300)

Profit made during the year 2015-16

3,540

 

 

Page No 21.20:

Answer:

Statement of Affairs

as on April 01, 2015

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Bank Overdraft

200

Machinery

8,000

Sundry Creditors

5,000

Furniture

2,000

Capital (Balancing Figure)

15,800

Stock

7,000

 

 

Sundry Debtors

4,000

 

 

 

 

 

21,000

 

21,000

 

 

 

 

 

Statement of Affairs

as on March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Sundry Creditors

3,500

Machinery

8,000

 

Capital (Balancing Figure)

16,900

Less: 10% Depreciation

(800)

7,200

 

 

Furniture

2,000

 

 

 

Less: 5% Depreciation

(100)

1,900

 

 

Stock

5,000

 

 

Sundry Debtors

4,500

 

 

Bank Balance

1,800

 

 

 

 

 

20,400

 

20,400

 

 

 

 

 

Statement of Profit or Loss

for the year ended March 31, 2016

Particulars

Amount

(Rs)

Capital as on March 31, 2016

16,900

Add: Drawings

4,100

 

21,000

Less: Additional Capital Introduced

(300)

Adjusted Capital as on March 31, 2016

20,700

Less: Capital as on April 01, 2015

(15,800)

Profit made during the year 2015-16

4,900

 

 

Page No 21.20:

Answer:

Statement of Affairs

for the year ended March 31, 2015

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Creditors

9,000

Stock in hand

18,700

Bills Payable

1,000

Debtors

12,000

Capital (balancing figure)

41,650

Bills Receivable

4,000

 

 

Furniture

600

 

 

Building

12,000

 

 

Bank

4,350

 

 

 

 

 

51,650

 

51,650

 

 

 

 

 

Statement of Affairs

for the year ended March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Creditors

1,500

Stock in hand

23,400

Bills Payable

200

Debtors

14,000

 

Bank Overdraft

3,350

Less: Provision for Doubtful Debts

1,450

12,550

Outstanding Wages

3,000

Bills Receivable

5,000

Outstanding Salaries

1,200

Furniture

600

 

Outstanding Legal Expenses

700

Less: Depreciation

30

570

Capital (balancing figure)

43,220

Building

12,000

 

 

 

Less: Depreciation

600

11,400

 

 

Prepaid Insurance

250

 

53,170

 

53,170

 

 

 

 

 

Statement of Profit or Loss

for the year ended March 31, 2016

Particulars

Amount

(Rs)

Capital as on March 31, 2016

43,220

Add: Drawings

7,520

Adjusted Capital as on March 31, 2016

50,740

Less: Capital as on April 01, 2015

(41,650)

Profit made during the year 2015-16

9,090

 

 



Page No 21.21:

Answer:

Statement of Affairs

(Previous Year)

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Trade Creditors

6,270

Stock

12,350

Loan from Naresh

5,000

Cash in Hand

570

Capital (Balancing Figure)

18,170

Shop Fittings

7,250

 

 

Trade Debtors

5,280

 

 

Bank Balance

3,990

 

29,440

 

29,440

 

 

 

 

 

Statement of Affairs

(Current Year)

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Trade Creditors

5,890

Stock

11,980

Loan from Naresh

5,000

 

Cash in Hand

650

Add: Outstanding Interest

 

 

 

(5,000 × 5%)

250

5,250

Shop Fittings

7,800

 

Capital (Balancing Figure)

16,930

Less: Depreciation

(780)

7,020

 

 

Trade Debtors

4,560

 

 

 

Less: Bad Debts

(270)

4,290

 

 

Bank Balance

4,130

 

 

 

 

 

28,070

 

28,070

 

 

 

 

 

Statement of Profit or Loss

(Current Year)

Particulars

Amount

(Rs)

Capital of the Current Year

16,930

Add: Drawings (Rs 100 × 52)

5,200

 

22,130

Less: Capital of the Previous Year

(18,170)

Profit made during the Current Year

3,960

 

 

Page No 21.21:

Answer:

Statement of Affairs (before Adjustments)

for the six months ending June 30, 2011

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Creditors

10,000

Plant and Machinery

1,40,000

Capital (balancing figure)

2,66,000

Debtors

60,000

 

 

Cash and Bank

31,000

 

 

Stock

45,000

 

2,76,000

 

2,76,000

 

 

 

 

 

Statement of Affairs (After adjustments)

for the six months ending December 31, 2011

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Creditors

10,000

Stock

45,000

Outstanding Wages

1,000

Cash and Bank

31,000

Capital (balancing figure)

2,52,400

Debtors

60,000

 

 

 

Less: Bad Debts

5,000

 

 

 

Less: Provision for Doubtful Debts

1,100

53,900

 

 

Plant & Machinery

1,40,000

 

 

 

Less: Depreciation*

7,000

1,33,000

 

 

Prepaid Salaries

500

 

2,63,400

 

2,63,400

 

 

 

 

*Depreciation has been charged for six months as accounts are prepared for the period July-December.

 

 

Statement of Profit or Loss

for the year ended December 31, 2011

Particulars

Amount

(Rs)

Capital as on December 31, 2011

2,66,000

Add: Drawings

1,200

Adjusted Capital as on December 31, 2011

2,67,200

Less: Capital as on July 01, 2011 (WN3)

(2,71,000)

Loss before Adjustments

(3,800)

Less: Bad-debts

5,000

 

Provision for doubtful debts

1,100

 

Depreciation on Plant & Machinery

7,000

 

Outstanding Wages

1,000

 

Add: Pre-paid Salaries

500

 

Interest on Drawings

21

(13,579)

Loss for the year

17,379

 

 

Working Note:

 

WN1 Calculation for Interest on Drawings

WN2 Calculation of Provision for Doubtful Debts

Provision for doubtful debts should be created on Net Debtors

So, Net Debtors = 60,000 – 5,000 = Rs 55,000

 

WN3 Calculation of Opening Capital

 

Statement of Affairs

for the six months ending June 30, 2011

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Creditors

9,000

Plant and Machinery

1,50,000

Capital (Balancing Figure)

2,71,000

Debtors

65,000

 

 

Cash and Bank

25,000

 

 

Stock

40,000

 

2,80,000

 

2,80,000

 

 

 

 

Page No 21.21:

Answer:

Statement of Affairs

for the year ended March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Creditors

5,000

Furniture and Fixtures

20,000

Outstanding Rent

1,500

Cash in hand

28,000

Loan from Wife

50,000

Debtors

48,000

Outstanding Interest on Loan

2,250

Stock

68,000

Capital (balancing figure)

1,21,250

Bills Receivable

16,000

 

1,80,000

 

1,80,000

 

 

 

 

 

Statement of Profit or Loss

for the year ended March 31, 2016

Particulars

Amount

(Rs)

Capital as on March 31, 2016

1,21,250

Add: Drawings

36,000

Adjusted Capital as on March 31, 2016

1,57,250

Less: Additional Capital introduced

(15,000)

Less: Capital as on April 01, 2015

(1,00,000)

Profit made during the year 2015-16

42,250

 

 



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