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Question
On 1st April 2018 Subha started her business with a capital of ₹ 1,20,000. She did not maintain a proper book of accounts. Following particulars are available from her books as on 31.3.2019.
| Particulars | ₹ | Particulars | ₹ |
| Bank overdraft | 50,000 | Stock-in-trade | 1,60,000 |
| Debtors | 1,80,000 | Creditors | 90,000 |
| Bills receivable | 70,000 | Bills payable | 2,40,000 |
| Computer | 30,000 | Cash in hand | 60,000 |
| Machinery | 3,00,000 |
During the year she withdrew ₹ 30,000 for her personal use. She introduced further capital of ₹ 40,000 during the year. Calculate her profit or loss.
Ledger
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Solution
Statement of Affairs
| Liabilities | ₹ | Assets | ₹ |
| Bank overdraft | 50,000 | Debtors | 1,80,000 |
| Creditors | 90,000 | Bills receivable | 70,000 |
| Bills payable | 2,40,000 | Computer | 30,000 |
| Capital | 4,20,000 | Machinery | 3,00,000 |
| Stock-in-trade | 1,60,000 | ||
| Cash in hand | 60,000 | ||
| 8,00,000 | 8,00,000 |
Statement of Profit or Loss
| Particulars | ₹ |
| Closing capital | 4,20,000 |
| (+) Drawings | 30,000 |
| 4,50,000 | |
| (−) Additional capital | 40,000 |
| Adjusted capital | 4,10,000 |
| (−) Opening capital | 1,20,000 |
| Profit | 2,90,000 |
shaalaa.com
Is there an error in this question or solution?
