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Manveer started his business on April 01, 2016 with a capital of Rs 4,50,000. On March 31, 2017 his position was as under:
|
|
Rs |
|
Cash |
99,000 |
|
Bills receivable |
75,000 |
|
Plant |
48,000 |
|
Land and Building |
1,80,000 |
|
Furniture |
50,000 |
He owned Rs 45,000 from his friend Susheel on that date. He withdrew Rs 8,000 per month for his household purposes. Ascertain his profit or loss for this year ended March 31, 2017.
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From the information given below ascertain the profit for the year:
|
|
Rs |
|
Capital at the beginning of the year |
70,000 |
|
Additional capital introduced during the year |
17,500 |
|
Stock |
59,500 |
|
Sundry debtors |
25,900 |
|
Business premises |
8,600 |
|
Machinery |
2,100 |
|
Sundry creditors |
33,400 |
|
Drawings made during the year |
26,400 |
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Following information is given below: calculate the closing capital
|
|
April.01, 2016 |
March.31, 2017 |
|
|
Rs |
Rs |
|
Creditors |
5,000 |
30,000 |
|
Bills payable |
10,000 |
– |
|
Loan |
– |
50,000 |
|
Bills receivable |
30,000 |
50,000 |
|
Stock |
5,000 |
30,000 |
|
Cash |
2,000 |
20,000 |
Calculation of profit or loss and ascertainment of statement of affairs at the end of the year (Opening Balance is given)
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Mrs Anu started firm with a capital of Rs 4,00,000 on 1st October 2016. She borrowed from her friends a sum of Rs 1,00,000 @ 10% per annum (interest paid) for business and brought a further amount to capital Rs 75,000 on March. 31, 2017, her position was:
|
|
Rs |
|
Cash |
30,000 |
|
Stock |
4,70,000 |
|
Debtors |
3,50,000 |
|
Creditors |
3,00,000 |
He withdrew Rs 8,000 per month for the year. Calculate profit or loss for the year and show your working clearly.
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Mr. Arnav does not keep proper records of his business he provided following information, you are required to prepare a statement showing the profit or loss for the year.
|
|
Rs |
|
Capital at the beginning of the year |
15,00,000 |
|
Bills receivable |
60,000 |
|
Cash in hand |
80,000 |
|
Furniture |
9,00,000 |
|
Building |
10,00,000 |
|
Creditors |
6,00,000 |
|
Stock in trade |
2,00,000 |
|
Further capital introduced |
3,20,000 |
|
Drawings made during the period |
80,000 |
Ascertainment of statement of affairs at the beginning and at the end of the year and calculation of profit or loss.
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Mr. Akshat keeps his books on incomplete records following information is given below:
|
|
April 01, 2016 |
March 31, 2017 |
|
|
Rs |
Rs |
|
Cash in hand |
1,000 |
1,500 |
|
Cash at bank |
15,000 |
10,000 |
|
Stock |
1,00,000 |
95,000 |
|
Debtors |
42,500 |
70,000 |
|
Business premises |
75,000 |
1,35,000 |
|
Furniture |
9,000 |
7,500 |
|
Creditors |
66,000 |
87,000 |
|
Bills payable |
44,000 |
58,000 |
During the year he withdrew Rs 45,000 and introduced Rs 25,000 as further capital in the business compute the profit or loss of the business.
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Gopal does not keep proper books of account. Following information is given below:
|
|
April. 01, 2016 |
March. 31, 2017 |
|
|
Rs |
Rs |
|
Cash in hand |
18,000 |
12,000 |
|
Cash at bank |
1,500 |
2,000 |
|
Stock in trade |
80,000 |
90,000 |
|
Sundry debtors |
36,000 |
60,000 |
|
Sundry creditors |
60,000 |
40,000 |
|
Loan |
10,000 |
8,000 |
|
Office equipments |
25,000 |
30,000 |
|
Land and Building |
30,000 |
20,000 |
|
Furniture |
10,000 |
10,000 |
During the year he introduced Rs 20,000 and withdrew Rs 12,000 from the business. Prepare the statement of profit or loss on the basis of given information
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Mr. Muneesh maintains his books of accounts from incomplete records. His books provide the information:
|
|
April. 01, 2016 |
March. 31, 2017 |
|
|
Rs |
Rs |
|
Cash |
1,200 |
1,600 |
|
Bills receivable |
– |
2,400 |
|
Debtors |
16,800 |
27,200 |
|
Stock |
22,400 |
24,400 |
|
Investment |
– |
8,000 |
|
Furniture |
7,500 |
8,000 |
|
Creditors |
14,000 |
15,200 |
He withdrew Rs 300 per month for personal expenses. He sold his investment of Rs 16,000 at 2% premium and introduced that amount into business.
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Mr. Girdhari Lal does not keep full double entry records. His balance as on April 01, 2016 is as.
|
Liabilities |
Amount |
Assets |
Amount |
|
Sundry creditors |
35,000 |
Cash in hand |
5,000 |
|
Bills payable |
15,000 |
Cash at bank |
20,000 |
|
Capital |
40,000 |
Sundry debtors |
18,000 |
|
Stock |
22,000 |
||
|
Furniture |
8,000 |
||
|
Plant |
17,000 |
||
|
90,000 |
90,000 |
His position at the end of the year is:
|
|
Rs |
|
Cash in hand |
7,000 |
|
Stock |
8,600 |
|
Debtors |
23,800 |
|
Furniture |
15,000 |
|
Plant |
20,350 |
|
Bills payable |
20,200 |
|
Creditors |
15,000 |
He withdrew Rs 500 per month out of which to spent Rs 1,500 for business purpose. Prepare the statement of profit or loss.
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Mr. Ashok does not keep his books properly. Following information is available from his books.
|
April. 01, 2016 |
March. 31, 2017 |
|
|
Rs |
Rs |
|
|
Sundry creditors |
45,000 |
93,000 |
|
Loan from wife |
66,000 |
57,000 |
|
Sundry debtors |
22,500 |
– |
|
Land and Building |
89,600 |
90,000 |
|
Cash in hand |
7,500 |
8,700 |
|
Bank overdraft |
25,000 |
– |
|
Furniture |
1,300 |
1,300 |
|
Stock |
34,000 |
25,000 |
During the year Mr. Ashok sold his private car for Rs 50,000 and invested this amount into the business. He withdrew from the business Rs 1,500 per month upto October 31, 2016 and thereafter Rs 4,500 per month as drawings. You are required to prepare the statement of profit or loss and statement of affair as on March 31, 2017.
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Krishna Kulkarni has not kept proper books of accounts prepare the statement of profit or loss for the year ending December 31, 2011 from the following information:
|
|
April. 01, 2016 |
March. 31, 2017 |
|
|
Rs |
Rs |
|
Cash in hand |
10,000 |
36,000 |
|
Debtors |
20,000 |
80,000 |
|
Creditors |
10,000 |
46,000 |
|
Bills receivable |
20,000 |
24,000 |
|
Bills payable |
4,000 |
42,000 |
|
Car |
– |
80,000 |
|
Stock |
40,000 |
30,000 |
|
Furniture |
8,000 |
48,000 |
|
Investment |
40,000 |
50,000 |
|
Bank balance |
1,00,000 |
90,000 |
The following adjustments were made:
(a) Krishna withdrew cash Rs 5,000 per month for private use.
(b) Depreciation @ 5% on car and furniture @10%.
(c) Outstanding Rent Rs 6,000.
(d) Fresh Capital introduced during the year Rs 30,000.
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M/s Saniya Sports Equipment does not keep proper records. From the following information, find out profit or loss and also prepare balance sheet for the year ended March 31, 2017.
| Items | April. 31, 2016 (₹) | March. 31, 2017 (₹) |
| Cash in hand | 6,000 | 24,000 |
| Bank Overdraft | 30,000 | − |
| Stock | 50,000 | 80,000 |
| Sundry creditors | 26,000 | 40,000 |
| Sundry debtors | 60,000 | 1,40,000 |
| Bills payable | 6,000 | 12,000 |
| Furniture | 40,000 | 60,000 |
| Bills receivable | 8,000 | 28,000 |
| Machinery | 50,000 | 1,00,000 |
| Investment | 30,000 | 80,000 |
Drawing Rs. 10,000 p.m. for personal use, fresh capital introduce during the year Rs. 2,00,000. A bad debts of Rs. 2,000 and a provision of 5% is to be made on debtors outstanding salary Rs. 2,400, prepaid insurance Rs. 700, depreciation charged on furniture and machine @ 10% p.a.
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Give any three examples of revenues
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Distinguish between debtors and creditors; Profit and Gain
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The role of accounting has changed over the period of time”- Do you agree? Explain
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Giving example, explain the following accounting term:
Fixed assets
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Giving example, explain the following accounting term:
Revenue
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Giving example, explain the following accounting term:
Expenses
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Giving example, explain the following accounting term:
Short-term liability
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Giving example, explain the following accounting term:
Capital
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