11 Mr. A does not maintain complete double entry books of accounts. From the ollowing details determine the profits for the year and prepare revised statement of affairs at the end of the year. Rs.1,000 (cost) furniture was sold for Rs.5,000 on 1.1.2020; 10% depreciation is to be changed on furniture. Mr.A has drawn Rs.1,000 per month. Rs.2,000 was invested by Mr.A in 2020. 1.1.20 31.12.20 Rs. Rs. Stock 40,000 30,000 2,000 10,000 15,000 5,000 3,000 Bank balance on 1.1.2020 is as per Cash Book, but the bank overdraft on 31.12.2020 is as per Bank Statement Rs.2,000 cheques drawn in December, 2019 60,000 40,000 1,000 Debtors Cash Bank - 5,000 (OD) 25,000 8,000 2,000 Creditors Outstanding Expenses Furniture (Cost) have not been encashed within the year.

11 Mr. A does not maintain complete double entry books of accounts. From the ollowing details determine the profits for the year and prepare revised statement of affairs at the end of the year. Rs.1,000 (cost) furniture was sold for Rs.5,000 on 1.1.2020; 10% depreciation is to be changed on furniture. Mr.A has drawn Rs.1,000 per month. Rs.2,000 was invested by Mr.A in 2020. 1.1.20 31.12.20 Rs. Rs. Stock 40,000 30,000 2,000 10,000 15,000 5,000 3,000 Bank balance on 1.1.2020 is as per Cash Book, but the bank overdraft on 31.12.2020 is as per Bank Statement Rs.2,000 cheques drawn in December, 2019 60,000 40,000 1,000 Debtors Cash Bank - 5,000 (OD) 25,000 8,000 2,000 Creditors Outstanding Expenses Furniture (Cost) have not been encashed within the year.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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