Question No 15 Chapter No 19
Table of Contents
15. Manu started business with a capital of 4,00,000 on 1st October, 2005. He borrowed from his friend a sum of 1,00,000. He brought further 75,000 as capital on 31st March, 2006, his position was: Cash: 30,000; Stock: 4,70,000; Debtors: 3,50,000 and Creditors: 3,00,000. He withdrew 8,000 per month during this period. Calculate profit on loss for the period.
The solution of Question No 15 Chapter No 19:-
| Statement of Affairs as on March 31, 2017 |
|||||
| Liabilities |
Amount | Assets | Amount | ||
| Creditors | 3,00,000 | Cash | 8,50,000 | ||
| Loan from Friend | 1,00,000 | Stock | 4,70,000 | ||
| Debtors | 3,50,000 | ||||
| Capital | 4,50,000 | ||||
| 8,50,000 | 8,50,000 | ||||
| Statement of Profit or Loss for the year and March 31, 2018 |
||
| Particular |
Amount | |
| Capital as on March 31, 2006 | 4,50,000 | |
| Add: Drawings 8, 000 ×6 | 48,000 | |
| 4,98,000 | ||
| Less: Additional Capital Introduced | 75, 000 | |
| Adjusted Capital as on March 31, 2006 | 4,23,000 | |
| Less: Capital as on Oct.01, 2005 | 4, 00, 000 | |
| Profit made during the year 2005-06 | 23,000 | |
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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