I want perfect answer otherwise I will give downvotes 9. Ganesh Topiwala, a retailer has not kept proper books of accounts. Howeversome ledger extracts are available.Last Year This YearRs.Rs.Trade CreditorsStock6,27015,00010,0005705,89016,00010,000670Loan from NareshCash in HandShop Furniture & FittingsTrade Debtors7,2505,2804,0007,8004,5604,200Bank BalanceCalculate profit for this year and draft a revised Statement of Affairs at the endof the year after considering the following adjustments:a) Shop furniture and fittings are depreciated by Rs.780b) Proprietor withdrew Rs.100 per week for his personal use.c) Included in trade debtors a bad debt.of Rs.270d) Interest at 5% per annum is due on the loan from Naresh but has not been paid.

The amount which is invested by the proprietor or partner in the business is known as capital. The…

9. Ganesh Topiwala, a retailer has not kept proper books of accounts. However some ledger extracts are available. Last Year This Year Rs. Rs. Trade Creditors Stock 6,270 15,000 10,000 570 5,890 16,000 10,000 670 Loan from Naresh Cash in Hand Shop Furniture & Fittings Trade Debtors Bank Balance 7,250 5,280 4,000 7,800 4,560 4,200 Calculate profit for this year and draft a revised Statement of Affairs at the end of the year after considering the following adjustments : a) Shop furniture and fittings are depreciated by Rs.780 b) Proprietor withdrew Rs.100 per week for his personal use. c) Included in trade debtors a bad debt.of Rs.270 d) Interest at 5% per annum is due on the loan from Naresh but has not been paid.

9. Ganesh Topiwala, a retailer has not kept proper books of accounts. However some ledger extracts are available. Last Year This Year Rs. Rs. Trade Creditors Stock 6,270 15,000 10,000 570 5,890 16,000 10,000 670 Loan from Naresh Cash in Hand Shop Furniture & Fittings Trade Debtors Bank Balance 7,250 5,280 4,000 7,800 4,560 4,200 Calculate profit for this year and draft a revised Statement of Affairs at the end of the year after considering the following adjustments : a) Shop furniture and fittings are depreciated by Rs.780 b) Proprietor withdrew Rs.100 per week for his personal use. c) Included in trade debtors a bad debt.of Rs.270 d) Interest at 5% per annum is due on the loan from Naresh but has not been paid.

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

ChapterB: Bad Debts

Section: Chapter Questions

Problem 3P

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