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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:11. Mr. A does not maintain complete double entry books of accounts. From the
following 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
5,000 (OD)
25,000
8,000
2,000
Debtors
Cash
Bank
Creditors
Outstanding Expenses
Furniture (Cost)
have not been encashed within the year.
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