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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 06 Chapter No 19
6. Mahesh who keeps his books on Single Entry System sells goods at Cost plus 50%. On 1st April, 2017 his Capital was 4,00,000 and on 31st March, 2018 it was 3,50,000. He had withdrawn 20,000 per month besides goods of the sale value of 60,000. How much did he earn in 2017-18?
Statement of Profit or Loss
| Particular |
Amount | |
|---|---|---|
| Capital at the end | 1,32,000 | |
| Less: Opening Capital | 1, 00, 000 | |
| 32,000 | ||
| Add: Drawings |
2, 000 | |
| Profit made during the year 2017-18 | 34,000 | |
Working Notes:
| Closing Statement of Affairs | Cr. | ||
| Particulars |
Amount | Particulars |
Amount |
|---|---|---|---|
| Creditors | 12,000 | Cash | 3,200 |
| Loan from Brother | 10,000 | Stock | 34,800 |
| Capital | 1,32,000 | Debtors | 31,000 |
| Plant | 85,000 | ||
| 1,54,000 | 1,54,000 | ||
https://tutorstips.com/final-accounts/
https://tutorstips.com/profit-and-loss-account/
https://tutorstips.com/balance-sheet/
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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