Mrs. Meena of Bilaspur has not kept proper books of accounts, following information is provided to you. (8)


Particulars
31.3.2012
31.3.2013

Amount (Rs. )
Amount (Rs.)
Machinery
50000
50000
Furniture
50000
30000
Debtors
18000
25000
Creditors
18000
20000
Stock
30000
42000
Outstanding Expenses
1500
-
Prepaid Expenses
-
500
Cash at bank
28000
40000

Further information:

(1) Mrs. Meena introduced additional capital as on 1st October, 2012 by selling her personal car is Rs. 10,000.

(2) She paid her daughter's college fees from business bank account Rs. 3,000.

(3) Depreciate machinery by 5% p.a.

(4) Provide 2% on debtors for Bad and Doubtful debts.

(5) Interest on capital is to be provided @ 5% p.a. and on drawings @ 5% p.a.

Prepare: Opening and closing statement of affairs and statement of profit or loss for the year ended 31st March, 2013.

Solution:

In the books of Mrs. Meena
Opening Statement of Affairs as on 31. 03. 2012

Liabilities
Amount (Rs)
Assets
Amount (Rs.)
Creditors
18, 000
Machinery
50, 000
Outstanding Expenses
1, 500
Furniture
50, 000
Capital (Balancing Figure)
1, 56, 500
Debtors
18, 000


Stock
30, 000


Cash at Bank
28, 000





1, 76, 000

1, 76, 000

Closing Statement of Affairs as on 31. 03. 2013
Liabilities
Amount (Rs.)
Assets
Amount (Rs.)
Creditors
20,000
Machinery
50, 000
Capital (Balancing Figure)
1, 67, 500
Furniture
30, 000


Debtors
25, 000


Stock
42, 000


Prepaid Expenses
500


Cash at Bank
40, 000





1, 87, 500

1, 87, 500

Statement of Profit or Loss or Mrs. Meena for the year ended 31. 03. 2013


Particulars
Amount (Rs.)
Amount (Rs.)
Capital at the end of the year.

1, 67, 500
Add: Drawings during the year

+  3000


1, 70, 500
Less: Capital at the beginning of the year

- 1, 56, 500


14, 000
Additional capital introduced

- 10, 000
Profit Before Adjustments

4000
Add: Income and Gains during the year.


Interest on Drawings (3000 x 5% x 6 months)

75
Profit before adjustments.

4075
Less: Expenses and Losses During the year.


Depreciation: On Machinery

50,000 x 5%

- 2500


1575
Interest on Capital:
On Opening Capital : 156500 x 5%
7825

On Additional Capital : 10000 x 5% x 6 months
250
- 8075


-6500
Reserve for Doubtful Debts
On debtors : 25, 000 x 2%

- 500
Net Loss for the year.

- 7000

1 comment:

Roshan Singh said...

Profit before adjustment amount is 4000 amt is no wight amount. write amount in 3500.
Please check the profit before adjustment

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