Question No 12 Chapter No 19
Table of Contents
12. Kuldeep, a general merchant, keeps his accounts on Single Entry System. He wants to know the results, of his business on 31st March, 2018 and for that following information is available:
| Particulars | 1st April, 2017 | 31st March, 2018 |
| Cash in Hand | 1,50,000 | 1,75,000 |
| Bank Balance | 7,50,000 | 8,00,000 |
| Furniture | 1,00,000 | 1,00,000 |
| Stock | 5,00,000 | 6,50,000 |
| Creditors | 3,50,000 | 4,00,000 |
| Debtors | 2,50,000 | 3,00,000 |
During the year, he had withdrawn 5,00,000 for his personal use and invested 2,50,000 as additional capital. Calculate his profits on 31st March, 2018 and prepare the Statement of Affairs as on that date.
The solution of Question No 12 Chapter No 19:-
| Statement of Affairs as on March 31, 2017 |
|||||
| Liabilities |
Amount | Assets | Amount | ||
| Creditors | 3,50,000 | Cash in Hand | 1,50,00 | ||
| Bank Balance | 7,50,000 | ||||
| Furniture | 1,00,000 | ||||
| Stock | 5,00,000 | ||||
| Debtors | 2,50,000 | ||||
| Capital | 14,00,000 | ||||
| 17,50,000 | 17,50,000 | ||||
| Statement of Affairs as on March 31, 2018 |
|||||
| Liabilities |
Amount | Assets | Amount | ||
| Creditors | 4,00,000 | Cash in Hand | 1,75,000 | ||
| Bank Balance | 8,00,000 | ||||
| Furniture | 1,00,000 | ||||
| Stock | 6,50,000 | ||||
| Debtors | 3,00,000 | ||||
| Capital | 16,25,000 | ||||
| 20,25,000 | 20,25,000 | ||||
| Statement of Profit or Loss for the year and March 31, 2018 |
||
| Particular |
Amount | |
| Capital as on March 31, 2017 | 16,25,000 | |
| Add: Drawings | 5,00,000 | |
| 21,25,000 | ||
| Less: Additional Capital Introduced | 2, 50, 000 | |
| Adjusted Capital as on March 31, 2017 | 18,75,000 | |
| Less: Capital as on April 01, 2016 |
14, 00, 000 | |
| Profit made during the year 2017-18 | 4,75,000 | |
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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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T.S. Grewal’s Double Entry Book Keeping