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Question - Single Entry System Examples and Solutions

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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 Bank2000036000
Stock1600024000
Furniture1800018000
Plant and Machinery6000090000
Creditors1500018000
Debtors2400030000

 

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 Anil has withdrawn Rs. 10000 for his private purpose and bought goods of Rs. 2000 for household use.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

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