Double Entry Book Keepingts Grewal (2016) Solutions for Class 11 Commerce Accountancy Chapter 16 Accounts From Incomplete Records are provided here with simple step-by-step explanations. These solutions for Accounts From Incomplete Records are extremely popular among class 11 Commerce students for Accountancy Accounts From Incomplete Records Solutions come handy for quickly completing your homework and preparing for exams. All questions and answers from the Double Entry Book Keepingts Grewal (2016) Book of class 11 Commerce Accountancy Chapter 16 are provided here for you for free. You will also love the ad-free experience on Meritnation’s Double Entry Book Keepingts Grewal (2016) Solutions. All Double Entry Book Keepingts Grewal (2016) Solutions for class 11 Commerce Accountancy are prepared by experts and are 100% accurate.
Page No 21.18:
Question 1:
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:
Question 2:
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 |
|
|
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:
Question 3:
Capital at the end |
= |
Opening Capital + Additional Capital + Profit − Drawings |
= |
70,000 + 20,000 + 20,000 − 7,000 = Rs 1,03,000 |
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:
Question 4:
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 |
|
|
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:
Question 5:
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 |
|
|
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:
Question 6:
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 |
|
|
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:
Question 7:
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 |
|
|
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:
Question 8:
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 |
|
|
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:
Question 9:
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 |
|
|
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:
Question 10:
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 |
|
|
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:
Question 11:
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 |
|
|
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:
Question 12:
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 |
|
|
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:
Question 13:
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 |
|
|
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:
Question 14:
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 |
|
|
|
|
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 |
|
|
View NCERT Solutions for all chapters of Class 13