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
| 4th Jul, 2016,
08:16: AM
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
| 4th Jul, 2016,
10:16: AM
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