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A Retail Trader had not kept proper books of Accounts but from the following details you are required (i) to ascertain the profit or loss for the year ended 30.06.2016 and also (ii) to prepare a statement of affairs as at that date : Particulars 01.07.2019 30.06.2020 Stock in trade Creditors Debtors 16,700 15,400 11,200 18,500 14,000 10,500

A Retail Trader had not kept proper books of Accounts but from the following details you are required (i) to ascertain the profit or loss for the year ended 30.06.2016 and also (ii) to prepare a statement of affairs as at that date : Particulars 01.07.2019 30.06.2020 Stock in trade Creditors Debtors 16,700 15,400 11,200 18,500 14,000 10,500

FINANCIAL ACCOUNTING
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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A Retail Trader had not kept proper books of Accounts but from the following details you are required (i) to ascertain the profit or loss for the year ended 30.06.2016 and also (ii) to prepare a statement of affairs as at that date : 01.07.2019 30.06.2020 16,700 15,400 11,200 Particulars Stock in trade Creditors Debtors 18,500 14,000 10,500
Transcribed Image Text:A Retail Trader had not kept proper books of Accounts but from the following details you are required (i) to ascertain the profit or loss for the year ended 30.06.2016 and also (ii) to prepare a statement of affairs as at that date : 01.07.2019 30.06.2020 16,700 15,400 11,200 Particulars Stock in trade Creditors Debtors 18,500 14,000 10,500
Cash in hand Bank.overdraft Bills Receivable Furniture Motor Van 1,200 19,400 14,200 1,500 1,900 250 20,200 15,050 1,500 1,900 Drawing during the year amounted to Rs.2,600. Depreciate Furniture by 10% and write Rs. 300 off Motor Van. As regards the debtors it is ascertained that Rs.500 are irrecoverable and further reserve of 5% should be made. Also Reserve 090.39 inegeon Rs. 700 in respect of Bills receivable.
Transcribed Image Text:Cash in hand Bank.overdraft Bills Receivable Furniture Motor Van 1,200 19,400 14,200 1,500 1,900 250 20,200 15,050 1,500 1,900 Drawing during the year amounted to Rs.2,600. Depreciate Furniture by 10% and write Rs. 300 off Motor Van. As regards the debtors it is ascertained that Rs.500 are irrecoverable and further reserve of 5% should be made. Also Reserve 090.39 inegeon Rs. 700 in respect of Bills receivable.
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