Question 16:
Gurman a retailer, has not maintained proper books of account but it has been possible to obtain the following details:
|
|
Last Year |
This Year |
|
|
Trade Creditors |
|
6,270 |
5,890 |
|
Loan from Naresh |
|
5,000 |
5,000 |
|
Stock |
|
12,350 |
11,980 |
|
Cash in Hand |
|
570 |
650 |
|
Shop Fittings |
|
7,250 |
7,800 |
|
Trade Debtors |
|
5,280 |
4,560 |
|
Bank Balance |
|
3,990 |
4,130 |
Calculate the net profit for this
year and draft the Statement of Affairs at the end of the year after noting
that:
(a) Shop Fittings are to be depreciated by ` 780.
(b) Gurman has drawn ` 100 per week for his own use.
(c) Included in the Trade Debtors is an irrecoverable balance of ` 270.
(d) Interest at 5% p.a. is due on the loan from Naresh
but has not been paid for the year.
Answer:
|
In
the books of Aditya (Previous Year) |
|||
|
Liabilities |
Amount (`) |
Assets |
Amount (`) |
|
Trade Creditors |
6,270 |
Stock |
12,350 |
|
Loan from Naresh |
5,000 |
Cash in Hand |
570 |
|
Capital (Balancing Figure) |
18,170 |
Shop Fittings |
7,250 |
|
|
|
Trade Debtors |
5,280 |
|
|
|
Bank Balance |
3,990 |
|
|
29,440 |
|
29,440 |
|
|
|
|
|
|
Statement of Affairs (Current Year) |
|||||
|
Liabilities |
Amount (`) |
Assets |
Amount (`) |
||
|
Trade Creditors |
5,890 |
Stock |
11,980 |
||
|
Loan from Naresh |
5,000 |
|
Cash in Hand |
650 |
|
|
Add: Outstanding Interest |
|
|
|
||
|
(5,000 × 5%) |
250 |
5,250 |
Shop Fittings |
7,800 |
|
|
Capital (Balancing Figure) |
16,930 |
Less: Depreciation |
(780) |
7,020 |
|
|
|
|
Trade Debtors |
4,560 |
|
|
|
|
|
Less: Bad Debts |
(270) |
4,290 |
|
|
|
|
Bank Balance |
4,130 |
||
|
|
|
|
|
||
|
|
28,070 |
|
28,070 |
||
|
|
|
|
|
||
|
Statement of Profit or Loss (Current Year) |
|
|
Particulars |
Amount (`) |
|
Capital of the Current Year |
16,930 |
|
Add: Drawings ( ` 100 × 52) |
5,200 |
|
|
22,130 |
|
Less: Capital of the Previous Year |
(18,170) |
|
Profit made during the Current Year |
3,960 |
|
|
|
Question 17:
On 1st April, 2023, X started a business with ` 40,000 as his capital. On 31st March, 2024, his position was as follows:
|
|
|
|
|
Creditors |
|
40,000 |
|
Bank |
|
10,000 |
|
Debtors |
|
50,000 |
|
Stock |
|
40,000 |
|
Plant |
|
68,000 |
|
Furniture |
|
12,000 |
During the year 2023–24, X drew
`
24,000. On 1st October, 2023, he introduced further capital amounting to ` 30,000. You are required to
ascertain profit or loss made by him during the year 2023–24.
Adjustments:
(a) Plant is to be depreciated at 10%.
(b) A provision of 5% is to be made against debtors.
Also prepare the Statement of Affairs as on 31st March, 2024.
Answer:
|
Statement of Affairs for the year ended March 31, 2024 |
||||
|
Liabilities |
Amount (`) |
Assets |
Amount (`) |
|
|
Creditors |
40,000 |
Bank |
10,000 |
|
|
Debtors |
50,000 |
|
||
|
Capital (Balancing Figure) |
1,30,700 |
Less: 5% Provision for Doubtful Debts |
(2,500) |
47,500 |
|
|
|
Stock |
40,000 |
|
|
|
|
Plant |
68,000 |
|
|
|
|
Less: 10% Depreciation |
(6,800) |
61,200 |
|
|
|
Furniture |
12,000 |
|
|
|
|
|
|
|
|
|
1,70,700 |
|
1,70,700 |
|
|
|
|
|
|
|
|
Statement of Profit or Loss for the year ended March 31, 2024 |
|
|
Particulars |
Amount (`) |
|
Capital as on March 31, 2024 |
1,30,700 |
|
Add: Drawings |
24,000 |
|
|
1,54,700 |
|
Less: Additional Capital Introduced |
(30,000) |
|
Adjusted Capital as on March 31, 2024 |
1,24,700 |
|
Less: Capital as on April 01, 2023 |
(40,000) |
|
Profit made during the year 2023-24 |
84,700 |
|
|
|
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Ts Grewal Solution 2024-2025
Class 11th
Chapter 20 – Accounts from Incomplete Records-Single Entry System