HSC Commerce (Marketing and Salesmanship) 12th Board ExamMaharashtra State Board
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Mr. Anil Keeps His Books by Single Entry Method. Following Are the Details of His Business - HSC Commerce (Marketing and Salesmanship) 12th Board Exam - Book Keeping and Accountancy

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Question

Mr. Anil keeps his books by single entry method. Following are the details of his business

Particulars

01.04.2012

Amount (Rs.)

31.03.2013

Amount (Rs.)

Cash in Hand

10000

16000
Cash at Bank 20000 36000
Stock 16000 24000
Furniture 18000 18000
Plant and Machinery 60000 90000
Creditors 15000 18000
Debtors 24000 30000

 

During the year Mr. Anil has withdrawn Rs. 10000 for his private purpose and bought goods of Rs. 2000 for household use.

On 1st October 2012, he sold his household furniture for Rs. 2000 and deposited the same amount in the business bank account.

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

Prepare:

(a) Opening Statement of Affairs.

(b) Closing Statement of Affairs.

(c) Statement of Profit or Loss for the year ended 31st March 2013.

Solution

                                                              Statement of Affairs as on 01.04.2012 and 31.03.2013

Liabilities 01.04.2012 31.03.2013 Assets 01.04.2012 31.03.2013

Capital

(Balancing fig.)

133000

 

196000

 

Cash in hand 10000 16000
      Cash at bank 20000 36000
      Stock 16000 24000
Creditors 15000 18000 Furniture 18000 18000
      Plant and Machinery 60000 90000
      Debtors 24000 30000
           
           
Total 148000 214000 Total 148000 214000

 

Statement of Profit or Loss for the year ended 31.03.2013

Particulars Amount Amount
Capital at the end of the year   196000

Add:- Drawings

         Private Purpose

         Goods for household use

 

10000

2000

 

 

12000

    208000

Less:- Additional Capital Introduced

(Sold household furniture and used for business)

 

-2000

 

    206000
Less:- Capital at the beginning of the year   -133000
Trading Profit   73000

Less:- Depreciation

          On Machinery @10%p.a.

          On Opening Balance:-60000*10%*12 months=6000

          On Addition:- 30000*10%*6 months=1500

 

          On Furniture:- 18000*5%*12 months=900

Total Depreciation = 6000 + 1500 + 900

 

 

 

 

 

 

 

-8400

 

Net Profit   64600

 

  Is there an error in this question or solution?

APPEARS IN

 2014-2015 (March) (with solutions)
Question 2.1 | 8.00 marks

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Solution Mr. Anil Keeps His Books by Single Entry Method. Following Are the Details of His Business Concept: Single Entry System Examples and Solutions.
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