In the books of Mrs. Sunita Closing Statement of Affairs as on 31st March, 2016. Single Entry Solution: For Solution Click Here

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