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

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