Question 1:
Following information of an accounting year is given:
Opening Capital `
60,000; Drawings `
5,000; Capital added during the year `
10,000 and Closing Capital `
90,000. Calculate the Profit or Loss for the year.
Answer:
|
Statement of Profit or Loss |
|
|
Particulars |
Amount (`) |
|
Capital at the end |
90,000 |
|
Add: Drawings |
5,000 |
|
|
95,000 |
|
Less: Additional Capital Introduced |
(10,000) |
|
Adjusted Capital at the end |
85,000 |
|
Less: Capital in the beginning |
60,000 |
|
Net Profit for the year |
25,000 |
|
|
|
Question 2:
Mayank does not keep proper records of his business, he gives you the following information:
|
|
` |
|
Opening
Capital |
1,00,000 |
|
Closing
Capital |
1,25,000 |
|
Drawings
during the year |
30,000 |
|
Capital
added during the year |
37,500 |
Calculate the profit or loss for the year.
Answer:
|
Statement of Profit or Loss |
|
|
Particulars |
Amount (`) |
|
Capital at the end |
1,25,000 |
|
Add: Drawings |
30,000 |
|
|
1,55,000 |
|
Less: Additional Capital Introduce |
(37,500) |
|
Adjusted Capital at the end |
1,17,500 |
|
Less: Capital in the beginning |
1,00,000 |
|
Net Profit for the year |
17,500 |
|
|
|
Question 3:
Capital of Ganesh Gupta in the beginning of the year was ` 70,000. During the year his business earned a profit of ` 20,000, he withdrew ` 7,000 for his personal use. He sold ornaments of his wife for ` 20,000, and invested that amount into the business. Find out his Capital at the end of the year.
Answer:
|
Capital at the end |
= |
Opening Capital + Additional Capital + Profit − Drawings |
|
|
= |
70,000 + 20,000 + 20,000 − 7,000 = ` 1,03,000 |
Question 4:
Pankaj maintains his books of account on Single
Entry System. He provides following information from his books. Find out
additional capital introduced in the business during the year 2023–24.
Opening Capital − `
1,30,000
Drawings during the year `
50,000
Closing Capital − `
2,00,000 Profit made during the year ` 1,00,000
Answer:
|
Additional
Capital |
= |
Capital
at the End + Drawings − (Capital in the Beginning + Profit) |
|
|
= |
2,00,000
+ 50,000 − (1,30,000 + 1,00,000) |
|
|
= |
2,50,000
− 2,30,000 = ` 20,000 |
Question 5:
Vikas maintains books on Single Entry System. He gives you the following information:
|
|
` |
|
Capital
on 1st April, 2023 |
15,200 |
|
Capital
on 31st March, 2024 |
16,900 |
|
Drawings
made during the year |
4,800 |
|
Capital
introduced on 1st August, 2023 |
2,000 |
You are required to calculate the Profit or Loss made by Mohan.
Answer:
|
Statement of Profit or Loss |
|
|
Particulars |
Amount (`) |
|
Capital as on March 31, 2024 |
16,900 |
|
Add: Drawings |
4,800 |
|
|
21,700 |
|
Less: Addition Capital Introduced |
(2,000) |
|
Adjusted Capital as on March 31, 2024 |
19,700 |
|
Less: Capital as on April 01, 2023 |
(15,200) |
|
Profit made during the year 2023-24 |
4,500 |
|
|
|
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Ts Grewal Solution 2024-2025
Class 11th
Chapter 20 – Accounts from Incomplete Records-Single Entry System