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ஞாயிறு, 25 ஆகஸ்ட், 2013

Following records of Mr. Raj were kept on single entry system. (March 2009)

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Also he had withdrawn Rs. 15,000 for his private expenses from business.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