Question No 16 Chapter No 19
Table of Contents
16. From the following information relating to the business of Mr. X who keeps books on Single Entry System, ascertain the profit or loss for the year 2017–18:
| Particulars | 1st April, 2017 | 31st March, 2018 |
| Machinery | 8,000 | 8,000 |
| Furniture | 2,000 | 2,000 |
| Stock | 7,000 | 5,000 |
| Sundry Debtors | 4,000 | 4,500 |
| Bank Balance | 200 Cr | 1,800 Dr |
| Sundry Creditors | 5,000 | 3,500 |
Mr. X withdrew 4,100 during the year to meet his household expenses. He introduced 300 as fresh capital on 15th January, 2018. Machinery and Furniture are to be depreciated at 10% and 5% p.a. respectively.
The solution of Question No 16 Chapter No 19:-
| Statement of Affairs as on March 31, 2017 |
|||||
| Liabilities |
Amount | Assets | Amount | ||
| Bank Overdraft | 200 | Machinery | 8,000 | ||
| Sundry Creditors | 5,000 | Furniture | 2,000 | ||
| Stock | 7,000 | ||||
| Sundry Debtors | 4,000 | ||||
| Capital | 15,800 | ||||
| 21,000 | 21,000 | ||||
| Statement of Affairs as on March 31, 2018 |
|||||
| Liabilities |
Amount | Assets | Amount | ||
| Sundry Creditors | 18,000 | Machinery | 8,000 | ||
| Less: 10% Depreciation | 800 | 7,200 | |||
| Furniture | 2,000 | ||||
| Less: 5% Depreciation | 100 | 1,900 | |||
| Stock | 5,000 | ||||
| Sundry Debtors | 4,500 | ||||
| Capital |
16,900 |
Bank Balance | 1,800 | ||
| 20,400 | 20,400 | ||||
| Statement of Profit or Loss for the year and March 31, 2018 |
||
| Particular |
Amount | |
| Capital as on March 31, 2017 | 16,900 | |
| Add: Drawings | 4,100 | |
| 21,000 | ||
| Less: Additional Capital Introduced | 300 | |
| Adjusted Capital as on March 31, 2017 | 20,700 | |
| Less: Capital as on April 01, 2016 | 15, 800 | |
| Profit made during the year 2016-17 | 4,900 | |
Final Accounts: Meaning, Definition and Explanation
Profit and Loss Account: Meaning, Format & Examples
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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
Check out T.S. Grewal +1 Book 2019 @ Official Website of Sultan Chand Publication
T.S. Grewal’s Double Entry Book Keeping