Maharashtra State BoardHSC Arts 12th Board Exam
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Shri Rajesh keeps his books by single entry method . - Book Keeping and Accountancy

Ledger

Shri Rajesh keeps his books by single entry method .

Following are the details of his business :

Particulars 01.04.2012
Amount (₹)
31.03.2013 Amount (₹)
Cash in hand  10000 16000
Cash at bank 20000 36000
Stock 16000 24000
Furniture 18000 18000
Palnt and machinery 60000 90000
Creditors 15000 18000
Debtors 24000 30000

During the year Shri RAjesh has withdrawn ₹ 10000 for his private purpose and taken goods of ₹ 2000 for household use. On 1st October 2012 , he sold his household furniture for ₹ 2000 and deposited the same amount in the business bank account.

Provide depreciation on machinery at 10% p.a. (assuming additions were made on 1st October , 2012) and furniture at - 5 % p.a.

Prepare : Opening and closing statement of affairs and statement of profit or loss for the year ended 31st March , 2013.

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Solution

In the books of Shri Rajesh.

Statement of Affairs as on 1.4.2012

Liabilities
Amount.
Assets
Amount
Creditors
15000
Cash in hand
10000
Capital at the Beginning of the year. [Bal. Fig.]
133000
Cash at Bank
20000
   
Stock
16000
Furniture
18000
Plant and Machinery
60000
Debtors
24000
 
148000
 
148000


Statement of Affairs as on 31. 3. 2013

Liabilities
Amount.
Assets
Amount
Creditors
18000
Cash in Hand
16000
Capital at the end of the year.
[Bal. Fig.]
196000
Cash at Bank
36000
   
Stock
24000
Furniture
18000
Plant and Machinery
90000
Debtors
30000
 
214000
 
214000

Statement of Profit Or Loss of Shri Rajesh
for the year ended 31. 3. 2013

Particulars
Amount. Rs.
Amount. Rs.
Capital at the end of the year.
 
196000
Add: Drawings
   
Cash
10000
 
Goods
2000
12000
   
208000
Less: Additional Capital Introduced
 
2000
Adjusted Closing Capital
 
206000
Less: Capital at the beginning of the year.
 
133000
Profit Before Adjustments.
 
73000
Add: Incomes and Gains During the year.
 
-
Less: Expenses and Losses During the year
   
Depreciation of Machinery
7500
 
Depreciation on Furniture
900
8400
Net Profit of the year
 
64600
Concept: Single Entry System Examples and Solutions
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