Question 6:
Mahesh who keeps his books on Single Entry System sells goods at Cost plus 50%. On 1st April, 2023 his Capital was ` 4,00,000 and on 31st March, 2024 it was ` 3,50,000. He had withdrawn ` 20,000 per month besides goods of the sale value of ` 60,000. How much did he earn in 2023-24?
Answer:
|
Statement
of Profit/Loss |
|
|
Particulars |
Amount |
|
Closing
Capital as on 31st March, 2024 |
3,50,000 |
|
Less: Opening Capital as on 1st
April, 2023 |
(4,00,000) |
|
Add: Drawings (WN1) |
2,80,000 |
|
Profit
for the Year |
2,30,000 |
|
|
|
Working Notes:
1)
Cash Withdrawan= ` 20,000×12= ` 2,40,000
Goods taken for personal use = ` 60,000×100/150= ` 40,000
Total Drawings= Cash Withdrawan+Goods taken for personal use
Total Drawings= 2,40,000+40,000= ` 2,80,000
Question 7:
Krishan started his business on 1st April, 2023 with a Capital of ` 1,00,000. On 31st March, 2024, his assets were:
|
|
` |
|
Cash |
3,200 |
|
Stock |
34,800 |
|
Debtors |
31,000 |
|
Plant |
85,000 |
He owed ` 12,000 to sundry creditors and ` 10,000 to his brother on
that date. He withdrew ` 2,000 per month for his personal expenses. Ascertain his
profit.
Answer:
|
Statement of Affairs as on March 31, 2024 |
|||
|
Liabilities |
Amount (`) |
Assets |
Amount (`) |
|
Sundry Creditors |
12,000 |
Cash |
3,200 |
|
Brother’s Loan |
10,000 |
Stock |
34,800 |
|
Capital (Balancing Figure) |
1,32,000 |
Debtors |
31,000 |
|
|
|
Plant |
85,000 |
|
|
|
|
|
|
|
1,54,000 |
|
1,54,000 |
|
|
|
|
|
|
Statement of Profit or Loss for the year end March 31, 2024 |
|
|
Particulars |
Amount (`) |
|
Capital as on March 31, 2024 |
1,32,000 |
|
Add: Drawings ( ` 2,000 × 12) |
24,000 |
|
|
1,56,000 |
|
Less: Capital as on April 01, 2023 |
(1,00,000) |
|
Profit made during the year 2023-2024 |
56,000 |
|
|
|
Question 8:
Muneesh maintains his books on Single Entry System
and from them and the particulars supplied, the following figures were gathered
together on 31st March, 2024:
Book Debts `
10,000; Cash in Hand `
510; Stock-in-Trade (estimated) `
6,000; Furniture and Fittings `
1,200; Trade Creditors `
4,000; Bank Overdraft `
1,000; Ram Prashad stated that he started business on
1st April, 2023 with cash `
6000 paid into bank but stocks valued at `
4,000. During the year he estimated his drawings to be ` 2,400. You are required to prepare the
statement, showing the profit for the year, after writing off 10% for
Depreciation on Furniture and Fittings.
Answer:
|
Books of Ram Prashad Statement of Affairs as on March 31, 2024 |
||||
|
Liabilities |
Amount (`) |
Assets |
Amount (`) |
|
|
Trade Creditors |
4,000 |
Book Debts |
10,000 |
|
|
Bank Overdraft |
1,000 |
Cash in Hand |
510 |
|
|
Capital (Balancing Figure) |
12,590 |
Stock |
6,000 |
|
|
|
|
Furniture and Fittings |
1,200 |
|
|
|
|
Less: 10% Depreciation |
120 |
1,080 |
|
|
|
|
|
|
|
|
17,590 |
|
17,590 |
|
|
|
|
|
|
|
|
Statement of Affairs as on April 01, 2023 |
|||
|
Liabilities |
Amount (`) |
Assets |
Amount (`) |
|
Capital (Balancing Figure) |
10,000 |
Bank |
6,000 |
|
|
|
Stock |
4,000 |
|
|
|
|
|
|
|
10,000 |
|
10,000 |
|
|
|
|
|
|
Statement of Profit or Loss for the year and March 31, 2024 |
|
|
Particulars |
Amount (`) |
|
Capital as on March 31, 2024 |
12,590 |
|
Add: Drawings |
2,400 |
|
|
14,990 |
|
Less: Capital as on April 01, 2023 |
(10,000) |
|
Profit made during the year 2023-24 |
4,990 |
|
|
|
Question 9:
Shruti maintains her books of account from Incomplete Records. Her books provide the following information:
|
|
1st
April, 2015 |
31st
March, 2016 |
|
|
Cash |
|
1,200 |
4,000 |
|
Debtors |
|
16,800 |
27,200 |
|
Stock |
|
22,400 |
24,400 |
|
Investments |
|
… |
8,000 |
|
Furniture |
|
7,500 |
8,000 |
|
Creditors |
|
14,900 |
11,600 |
She withdrew ` 500 per month for personal expenses. She sold her
Investments of ` 16,000 at 5% premium and introduced the amount into
business.
You are required to prepare a Statement of Profit or Loss for the year ending
31st March, 2016.
Answer:
|
Statement
of Profit/Loss |
|
|
Particulars |
Amount (`) |
|
Closing
Capital |
60,000 |
|
Less: Opening Capital |
(33,000) |
|
Less: Additional Capital |
(16,800) |
|
Add: Drawings |
6,000 |
|
Profit for the Year |
16,200 |
|
|
|
Working Notes:
|
Opening
Statement of Affairs as on
April 01, 2015 |
|||
|
Dr. |
|
|
Cr. |
|
Liabilities |
Amount (`) |
Assets |
Amount (`) |
|
Creditors |
14,900 |
Cash |
1,200 |
|
Capital
(Bal. Fig.) |
33,000 |
Debtors |
16,800 |
|
|
|
Stock |
22,400 |
|
|
|
Furniture |
7,500 |
|
|
|
|
|
|
|
|
|
|
|
|
47,900 |
|
47,900 |
|
|
|
|
|
|
Closing
Statement of Affairs |
|||
|
Dr. |
|
|
Cr. |
|
Liabilities |
Amount ` |
Assets |
Amount ` |
|
Creditors |
11,600 |
Cash |
4,000 |
|
Capital
(Bal. Fig.) |
60,000 |
Debtors |
27,200 |
|
|
|
Stock |
24,400 |
|
|
|
Investments |
8,000 |
|
|
|
Furniture |
8,000 |
|
|
|
||
|
|
71,600 |
|
71,600 |
|
|
|
|
|
Question 10:
Swastik maintains his books of account on Single Entry System. His books provide the following information:
|
|
1st
April, 2023 |
31st
March, 2024 |
|
|
Furniture |
|
2,000 |
2,000 |
|
Stock |
|
28,000 |
30,500 |
|
Sundry
Debtors |
|
21,000 |
34,000 |
|
Cash |
|
1,500 |
5,000 |
|
Sundry
Creditors |
|
17,500 |
19,000 |
|
Loan |
|
... |
5,000 |
|
Investments |
|
... |
10,000 |
His drawings during the year were ` 5,000 Depreciate furniture by 10% and provide a reserve for
Bad and Doubtful Debts at 10% on Sundry Debtors.
Prepare the statement showing the profits for the year.
Answer:
|
Statements of Affairs as on April 01, 2023 |
|||
|
Liabilities |
Amount (`) |
Assets |
Amount (`) |
|
Sundry Creditors |
17,500 |
Furniture |
2,000 |
|
Capital (Balancing Figure) |
35,000 |
Stock |
28,000 |
|
|
|
Sundry Debtors |
21,000 |
|
|
|
Cash |
1,500 |
|
|
|
|
|
|
|
52,500 |
|
52,500 |
|
|
|
|
|
|
Statement of Affairs as on March 31, 2024 |
||||
|
Liabilities |
Amount (`) |
Assets |
Amount (`) |
|
|
Sundry Creditors |
19,000 |
Furniture |
2,000 |
|
|
Loan |
5,000 |
Less: 10% Depreciation |
(200) |
1,800 |
|
Capital (Balancing Figure) |
53,900 |
Stock |
30,500 |
|
|
|
|
Sundry Debtors |
34,000 |
|
|
|
|
Less: 10% Reserve for Doubtful Debts |
(3,400) |
30,600 |
|
|
|
Cash |
5,000 |
|
|
|
|
Investments |
10,000 |
|
|
|
|
|||
|
|
|
|
|
|
|
|
77,900 |
|
77,900 |
|
|
|
|
|
|
|
|
Statement of Profit or Loss for the year ended March 31, 2024 |
|
|
Particulars |
Amount (`) |
|
Capital as on March 31, 2024 |
53,900 |
|
Add: Drawings |
5,000 |
|
|
58,900 |
|
Less: Capital as on April 01, 2023 |
(35,000) |
|
Profit made during the year 2023-24 |
23,900 |
|
|
|
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Ts Grewal Solution 2024-2025
Class 11th
Chapter 20 – Accounts from Incomplete Records-Single Entry System