Q. 2. Single Entry Solution: For Solution Click Here
In the books of Mrs. Sunita
Closing Statement of Affairs as on 31st March, 2016
Liabilities
|
Amount
1.4.2015
|
Amount
31.3.2016
|
Assets
|
Amount
1.4.2015
|
Amount
31.3.2016
|
Bills Payable
|
100000
|
100000
|
Cash at Bank
|
10000
|
64000
|
Creditors
|
30000
|
40000
|
Debtors
|
50000
|
80000
|
Stock
|
60000
|
100000
| |||
Plant
|
40000
|
40000
| |||
130000
|
244000
|
Building
|
100000
|
100000
| |
260000
|
384000
|
260000
|
384000
|
Statement of Profit or Loss for the year ended 31st March, 2016.
Particulars
|
Amount (Rs.)
|
Amount (Rs.)
|
Capital at the end of the year.
|
244000
| |
Add: Drawings during the year
|
30000
| |
277000
| ||
Less: Additional Capital Introduced
|
- 50000
| |
Adjusted Closing capital
|
222000
| |
Less: Capital at the beginning of the year.
|
-130000
| |
Profit Before Adjustments
|
92000
| |
Add: Incomes and Gains during the year
| ||
Less: Expenses and losses During the year.
| ||
Depreciation @ 10% p.a. on Plant
|
4000
| |
Depreciation @ 10% p.a. on Building
|
10000
|
- 14000
|
NET PROFIT
|
78000
|