CBSE Class 11-commerce Answered
Rupesh started a firm on1st
April, 2015 with a capital of Rs.10,000. On 1st July 2016 he
borrowed from his son Mr. Rohit a sum of Rs. 4000 @ 9%
p.a. (interest not yet paid) for business and introduces a further capital of
his own amounted to Rs. 1500. On 31st March, 2016
his position was as follows
Cash
Rs.600, stock Rs.9,400, debtors Rs.7000 and
creditors Rs.6000. Ascertain his profit or loss taking into
account Rs.2000 for his drawings during the year.
Asked by Topperlearning User | 04 Jul, 2016, 08:16: AM
Expert Answer
Statement of Affairs as at 31st March 2016
Liabilities |
Rs. |
Assets |
Rs. |
Creditors |
6,000 |
Cash |
600 |
Mr. Rohit’s Loan 4000 |
4,270 |
Stock |
9,400 |
Interest on loan 270 |
|
Debtors |
7,000 |
Capital (Balancing Figure) |
6,730 |
|
|
|
17,000 |
|
17,000 |
Statement of Profit or Loss
for the year ended 31st March 2016
Particulars |
Rs. |
Capital at the end |
6,730 |
Less: Capital introduced during the year |
1,500 |
|
5,230 |
Add: Drawings |
2,000 |
Adjusted Capital at the end |
7,230 |
Less: Capital in the beginning |
10,000 |
Net Loss for the year |
2,770 |
Answered by | 04 Jul, 2016, 10:16: AM
CBSE 11-commerce - Accountancy Part II
Asked by Topperlearning User | 04 Jul, 2016, 08:16: AM
ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part II
Asked by Topperlearning User | 04 Jul, 2016, 08:16: AM
ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part II
Asked by Topperlearning User | 04 Jul, 2016, 08:16: AM
ANSWERED BY EXPERT