Question No 07 Chapter No 19
Table of Contents
7. Krishan started his business on 1st April, 2017 with a Capital of 1,00,000. On 31st March, 2018, his assets were :
| Cash | 3,200 |
| Stock | 34,800 |
| Debtors | 31,000 |
| Plant | 85,000 |
He owed 12,000 to sundry creditors and 10,000 to his brother on that date. He withdrew 2,000 per month for the private expenses. Ascertain his profit.
The solution of Question No 07 Chapter No 19:-
| Statement of Affairs as on March 31, 2018 | Cr. | ||
| Liabilities |
Amount | Assets |
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 | ||
| Statement of Profit or Loss |
||
| Particular |
Amount | |
| Capital as on March 31, 2018 | 1,32,000 | |
| Add: Drawings Rs2, 000 ×12 | 24,000 | |
| 1,56,000 | ||
| Less: Capital as on April 01, 2017 |
1, 00, 000 | |
| Profit made during the year 2017-18 | 56,000 | |
Final Accounts: Meaning, Definition and Explanation
Profit and Loss Account: Meaning, Format & Examples
Balance Sheet: Meaning, Format & Examples
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Also, Check out the solved question of previous Chapters: –
-
- Chapter No. 1 – Introduction to Accounting
- Chapter No. 2 – Basic Accounting Terms
- Chapter No. 3 – Theory Base of Accounting, Accounting Standards and International Financial Reporting Standards(IFRS)
- Chapter No. 4 – Bases of Accounting
- Chapter No. 5 – Accounting Equation
- Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
- Goods and Services Tax(GST)
- Chapter No. 7 – Origin of Transactions – Source Documents and Preparation of Vouchers
- Chapter No. 8 – Journal
- Chapter No. 9 – Ledger
- Chapter No. 10 – Special Purpose Books I – Cash Book
- Chapter No. 11 – Special Purpose Books II – Other Books
- Chapter No. 12 – Bank Reconciliation Statement
- Chapter No. 13 – Trial Balance
- Chapter No. 14 – Depreciation
- Chapter No. 15 – Provisions and Reserves
- Chapter No. 16 – Accounting for Bills of Exchange
- Chapter No. 17 – Rectification of Errors
- Chapter No. 18 – Financial Statements of Sole Proprietorship
- Chapter No. 19 – Adjustments in preparation of Financial Statements
- Chapter No. 20 – Accounts from incomplete Records – Single Entry System
- Chapter No. 21 – Computers in Accounting
- Chapter No. 22 – Accounting Software – Tally
- Chapter No. 5 – Accounting Equation
- Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
- Goods and Services Tax(GST)
- Chapter No. 8 – Journal
- Chapter No. 9 – Ledger
- Chapter No. 10 – Special Purpose Books I – Cash Book
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