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Question No 08 Chapter No 19
8. Ram Prashad keeps his books on Single Entry System and from them and the particulars supplied, the following figures were gathered together on 31 st March, 2018: Book Debts 10,000; Cash in Hand 510; Stock-in-Trade estimated 6,000; Furniture and Fittings 1,200; Trade Creditors 4,000; Bank Overdraft 1,000; Ram Prashad stated that he started business on 1 st April with cash 6000 paid into bank but stocks valued at 4,000. During the year he estimated his drawings to be 2,400. You are required to prepare the statement, showing the profit for the year, after writing off 10% for Depreciation on Furniture and Fittings.
Books of Ram Prashad Statement of Affairs
Balance Sheet for the year ended March 31, 2018
| Liabilities |
Amount | Assets |
Amount | |
|---|---|---|---|---|
| Trade Creditors | 4,000 | Book Debts | 10,000 | |
| Bank Overdraft | 1,000 | Cash in Hand | 510 | |
| Capital | 12,590 | Stock | 6,000 | |
| Furniture and Fittings | 1,200 | |||
| Less: 10% Depreciation | 120 | 1,080 | ||
| 17,590 | 17,590 | |||
Statement of Affairs as on April 01, 2017
| Liabilities |
Amount | Assets |
Amount | |
|---|---|---|---|---|
| Bank | 10,000 | |||
| Stock | 510 | |||
| Capital | 10,000 | |||
| 10,000 | 10,000 | |||
Statement of Profit or Loss for the year and March 31, 2018
| Particular |
Amount | |
|---|---|---|
| Capital as on March 31, 2018 | 12,590 | |
| Add: Drawings | 2,400 | |
| 14,990 | ||
| Less: Capital as on April 01, 2017 |
10,000 | |
| Profit made during the year 2017-18 | 4,990 | |
https://tutorstips.com/final-accounts/
https://tutorstips.com/profit-and-loss-account/
https://tutorstips.com/balance-sheet/
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T.S. Grewal's Double Entry Book Keeping
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.
This guide covers "Question No 08 Chapter No 19 - T.S. Grewal 11 Class", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to T.S. Grewal 11 Class Financial Accounting.
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