Following records of Mr. Raj were kept on single entry system. (March 2009)
| Particular | 31.3.2006 | 31.3.2007 |
| Stock Furniture Plant and Machinery Loan taken Bank Balance Debtors Creditors | 15000 53500 42500 21000 1900 43000 18000 | 14000 44000 55500 21000 2100 35000 14900 |
Mr. Raj invested Rs. 4000 in the business.
Also he had withdrawn Rs. 15,000 for his private expenses from business.
Rs. 500 to be provided for bad debts.
Depreciate plant and machinery @ 5% and furniture @5%
Prepare:
i. Statement of Affairs as on 31.3.2006.
ii. Statement of Affairs as on 31.3.2007.
iii. Statement of Profit and Loss for the year ended on 31.3.2007.
Answer
| Capial at the Begining of the year 116900 | Capital at the end of the year 114700 | Trading Profit 8800 | Net Profit 3325 |