Question 11:
Mahesh commenced business on 1st April, 2023 with a capital of ` 10,000. He immediately
bought Furniture and Fixtures for ` 2,000. On 1st October, 2023, he borrowed ` 5,000 from his wife @ 9%
p.a. (interest not yet paid) and introduced a further capital of his own
amounting to ` 1,500. A drew @ ` 300 per month at the end of
each month for household expenses. On 31st March, 2024 his position was as
follows:
Cash in Hand ` 2,800; Sundry Debtors ` 4,800; Stock ` 6,800; Bills Receivable ` 1,600; Sundry Creditors ` 500 and owing for Rent ` 150. Furniture
and Fixtures to be depreciated by 10%.
Ascertain the profit or loss made by Mahesh during the
year ended 31st March, 2024.
Answer:
|
Statement of Affairs as on March 31, 2024 |
|||||
|
Liabilities |
Amount ` |
Assets |
Amount ` |
||
|
Wife’s Loan |
5,000 |
|
Furniture and Fixture |
2,000 |
|
|
Add: Outstanding Interest |
|
Less: 10% Depreciation |
(200) |
1,800 |
|
|
(5,000 × 9% × 6/12) |
225 |
5,225 |
Cash in Hand |
2,800 |
|
|
Sundry Creditors |
500 |
Sundry Debtors |
6,400 |
||
|
Rent Outstanding |
150 |
Stock |
6,800 |
||
|
Capital (Balancing Figure) |
11,925 |
||||
|
|
|
|
|
||
|
|
17,800 |
|
17,800 |
||
|
|
|
|
|
||
|
Statement of Profit or Loss for the year ended March 31, 2024 |
|
|
Particulars |
Amount ` |
|
Capital as on March 31, 2024 |
11,925 |
|
Add: Drawings ( ` 1,200 × 3) |
3,600 |
|
|
15,525 |
|
Less: Additional Capital Introduced |
(1,500) |
|
Adjusted Capital as on March 31, 2024 |
14,025 |
|
Less: Capital as on April 01, 2023 |
(10,000) |
|
Profit made during the year 2023-24 |
4,025 |
|
|
|
Question 12:
Kuldeep, a general merchant, keeps his accounts on Single Entry System. He wants to know the results of his business on 31st March, 2024 and for that following information is available:
|
|
1st
April, 2023 |
31st
March, 2024 |
|
|
Cash
in Hand |
|
1,50,000 |
1,75,000 |
|
Bank
Balance |
|
7,50,000 |
8,00,000 |
|
Furniture |
|
1,00,000 |
1,00,000 |
|
Stock |
|
5,00,000 |
6,50,000 |
|
Creditors |
|
3,50,000 |
4,00,000 |
|
Debtors |
|
2,50,000 |
3,00,000 |
During the year, he had withdrawn ` 5,00,000 for his personal use and
invested ` 2,50,000 as additional capital. Calculate his profits on
31st March, 2024 and prepare the Statement of Affairs as on that date.
Answer:
|
Statement of Affairs as on April 01, 2023 |
|||
|
Liabilities |
Amount ` |
Assets |
Amount ` |
|
Creditors |
3,50,000 |
Cash in Hand |
1,50,000 |
|
Capital (Balancing Figure) |
14,00,000 |
Bank Balance |
7,50,000 |
|
|
|
Furniture |
1,00,000 |
|
|
|
Stock |
5,00,000 |
|
|
|
Debtors |
2,50,000 |
|
|
17,50,000 |
|
17,50,000 |
|
|
|
|
|
|
Statement of Affairs as on March 31, 2024 |
|||
|
Liabilities |
Amount ` |
Assets |
Amount ` |
|
Creditors |
4,00,000 |
Cash in Hand |
1,75,000 |
|
Capital (Balancing Figure) |
16,25,000 |
Bank Balance |
8,00,000 |
|
|
|
Furniture |
1,00,000 |
|
|
|
Stock |
6,50,000 |
|
|
|
Debtors |
3,00,000 |
|
|
20,25,000 |
|
20,25,000 |
|
|
|
|
|
|
Statement of Profit or Loss for the year ended March 31, 2024 |
|
|
Particulars |
Amount ` |
|
Capital as on March 31, 2024 |
16,25,000 |
|
Add: Drawings |
5,00,000 |
|
|
21,25,000 |
|
Less: Additional Capital Introduced |
(2,50,000) |
|
Adjusted Capital as on March 31, 2024 |
18,75,000 |
|
Less: Capital as on April 01, 2023 |
(14,00,000) |
|
Profit made during the year 2023-24 |
4,75,000 |
|
|
|
Question 13:
From the following information relating to the business of Abhay who keeps books on Single Entry System, ascertain the profit or loss for the year 2023–24:
|
|
1st April, 2023 (`) |
31st March, 2024 |
|
|
Machinery |
|
8,000 |
8,000 |
|
Furniture |
|
2,000 |
2,000 |
|
Stock |
|
7,000 |
5,000 |
|
Sundry Debtors |
|
4,000 |
4,500 |
|
Bank Balance |
|
200
(Cr.) |
1,800
(Dr.) |
|
Sundry Creditors |
|
5,000 |
3,500 |
Abhay withdrew ` 4,100 during the year to
meet his household expenses. He introduced `
300 as fresh capital on 15th January, 2024. Machinery and Furniture are to be
depreciated at 10% and 5% p.a. respectively.
Answer:
|
Statement of Affairs as on April 01, 2023 |
|||
|
Liabilities |
Amount (`) |
Assets |
Amount (`) |
|
Bank Overdraft |
200 |
Machinery |
8,000 |
|
Sundry Creditors |
5,000 |
Furniture |
2,000 |
|
Capital (Balancing Figure) |
15,800 |
Stock |
7,000 |
|
|
|
Sundry Debtors |
4,000 |
|
|
|
|
|
|
|
21,000 |
|
21,000 |
|
|
|
|
|
|
Statement of Affairs as on March 31, 2024 |
||||
|
Liabilities |
Amount (`) |
Assets |
Amount (`) |
|
|
Sundry Creditors |
3,500 |
Machinery |
8,000 |
|
|
Capital (Balancing Figure) |
16,900 |
Less: 10% Depreciation |
(800) |
7,200 |
|
|
|
Furniture |
2,000 |
|
|
|
|
Less: 5% Depreciation |
(100) |
1,900 |
|
|
|
Stock |
5,000 |
|
|
|
|
Sundry Debtors |
4,500 |
|
|
|
|
Bank Balance |
1,800 |
|
|
|
|
|
|
|
|
|
20,400 |
|
20,400 |
|
|
|
|
|
|
|
|
Statement of Profit or Loss for the year ended March 31, 2024 |
|
|
Particulars |
Amount (`) |
|
Capital as on March 31, 2024 |
16,900 |
|
Add: Drawings |
4,100 |
|
|
21,000 |
|
Less: Additional Capital Introduced |
(300) |
|
Adjusted Capital as on March 31, 2024 |
20,700 |
|
Less: Capital as on April 01, 2023 |
(15,800) |
|
Profit made during the year 2023-24 |
4,900 |
|
|
|
Question 14:
Following information is supplied to you by a shopkeeper:
|
|
1st
April, 2023 |
31st
March, 2024 |
|
|
Cash |
|
6,000 |
7,000 |
|
Sundry
Debtors |
|
68,000 |
64,000 |
|
Stock |
|
59,000 |
87,000 |
|
Furniture |
|
15,000 |
13,500 |
|
Sundry
Creditors |
|
35,000 |
29,000 |
During
the year, he withdrew ` 2,500 per month for domestic purposes. He also borrowed
from a friend at 9% a sum of ` 20,000 on 1st October, 2023. He has not yet paid the
interest. A provision of 5% on debtors for doubtful debts is to be made.
Ascertain the profit or loss made by him during the period.
Answer:
|
Statement of Affairs as on April 01, 2023 |
|||
|
Liabilities |
Amount (`) |
Assets |
Amount (`) |
|
Sundry Creditors |
35,000 |
Cash |
6,000 |
|
Sundry Debtors |
68,000 |
||
|
|
|
Stock |
59,000 |
|
Capital (Balancing Figure) |
1,13,000 |
Furniture |
15,000 |
|
|
|
|
|
|
|
1,48,000 |
|
1,48,000 |
|
|
|
|
|
|
Statement of Affairs as on March 31, 2024 |
|||||
|
Liabilities |
Amount (`) |
Assets |
Amount (`) |
||
|
Sundry Creditors |
29,000 |
Cash |
7,000 |
||
|
Stock |
87,000 |
||||
|
9% Loan from Friend |
20,000 |
|
Furniture |
13,500 |
|
|
Add: Interest Outstanding (2,000 × 9% × 6/12) |
900 |
20,900 |
|
|
|
|
Capital (Balancing Figure) |
1,18,400 |
|
|
||
|
|
|
Sundry Debtors |
64,000 |
|
|
|
|
|
Less: 5% Provision for Doubtful Debts |
(3,200) |
60,800 |
|
|
|
|
|
|
||
|
|
1,68,300 |
|
1,68,300 |
||
|
|
|
|
|
||
|
Statement of Profit or Loss for the year ended March 31, 2024 |
|
|
Particulars |
Amount (`) |
|
Capital as on March 31, 2024 |
1,18,400 |
|
Add: Drawings ( ` 250 × 12) |
30,000 |
|
|
1,48,400 |
|
Less: Capital as on April 01, 2023 |
(1,13,000) |
|
Profit made during the year 2023-24 |
35,400 |
|
|
|
Question 15:
Vikas is keeping his accounts according to Single
Entry System. His capital on 31st December, 2023 was ` 2,50,000 and
his capital on 31st December, 2023 was `
4,25,000. He further informs you that during the year he gave a loan of ` 30,000 to his
brother on private account and withdrew `
1,000 per month for personal purposes. He used a flat for his personal purpose,
the rent of which @ `
1,800 per month and electricity charges at an average of 10% of rent per month
were paid from the business account. During the year he sold his 7% Government
Bonds of `
50,000 at 1% premium and brought that money into the business.
Prepare a Statement of Profit or Loss for the year ended 31st December, 2024.
Answer:
|
Statement
of Profit/Loss |
|
|
Particulars |
Amount (`) |
|
Closing
Capital |
4,25,000 |
|
Less: Opening Capital |
(2,50,000) |
|
Less: Additional Capital |
(50,500) |
|
Add: Drawings |
65,760 |
|
Profit for the Year |
1,90,260 |
|
|
|
Note: Drawings include loan to brother, withdrawals in cash, rent and
electricity charges.
Click below for more Questions
Ts Grewal Solution 2024-2025
Class 11th
Chapter 20 – Accounts from Incomplete Records-Single Entry System