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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 13 Chapter No 19
13.Following information is supplied to you by a shopkeeper:
| Particulars | 1st April, 2017 | 31st March, 2018 |
| Cash | 6,000 | 7,000 |
| Sundry Debtors | 68,000 | 64,000 |
| Stock | 59,000 | 87,000 |
| Furniture | 15,000 | 13,500 |
| Sundry Creditors | 20,000 | 18,000 |
| Bills Payable | 15,000 | 11,000 |
During the year, he withdrew 2,500 per month for domestic purposes. He also borrowed from a friend at 9% a sum of 20,000 on 1st October, 2017. He has not yet paid the interest. A provision of 5% on debtors for doubtful debts is to be made. Ascertain the profit or loss made by him during the period.
Statement of Affairs as on March 31, 2017
| Liabilities |
Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Sundry Creditors | 20,000 | Cash | 6,000 | ||
| Bills Payable | 15,000 | Sundry Debtors | 68,000 | ||
| Stock | 59,000 | ||||
| Furniture | 15,000 | ||||
| Capital | 1,13,000 | ||||
| 1,48,000 | 1,48,000 | ||||
Statement of Affairs as on March 31, 2018
| Liabilities |
Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Sundry Creditors | 18,000 | Cash | 7,000 | ||
| Bills Payable | 11,000 | Stock | 87,000 | ||
| 9% Loan from Friend | 20,000 | Furniture | 13,500 | ||
| Add: Interest Outstanding 20,000 ×9% X 6/12 | 900 | 20,900 | Sundry Debtors | 64,000 | |
| Less: 5% Provision for Doubtful Debts | 3, 200 | 60,800 | |||
| Capital | 1,18,400 | ||||
| 1,68,300 | 1,68,300 | ||||
Statement of Profit or Loss for the year and March 31, 2018
| Particular |
Amount | |
|---|---|---|
| Capital as on March 31, 2017 | 1,18,400 | |
| Add: Drawings Rs2,500 ×12 | 30,000 | |
| 1,48,400 | ||
| Less: Capital as on April 01, 2016 | 1, 13, 000 | |
| Profit made during the year 2017-18 | 35,400 | |
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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