Gopal commenced business on 1st January, 2020 with a capital of Rs.12,000. He bought furniture for Rs.1,200 and machinery Rs.2,000. During the year he withdrew @Rs.200 per month for private use. He introduced additional capital of Rs.1,600. On 31st December 2020 his financial position was as follows : Cash in hand Rs.300; Cash at Bank Rs.3,200; Sundry Debtors Rs.5,300; Stock in Trade Rs.5,600; Bills Receivable Rs.2,400; Sundry Creditors Rs.800; Outstanding Rent Rs.1003; Depreciate furniture and machinery by 10%. Ascertain profit or loss made by Gopal during 2020.
Gopal commenced business on 1st January, 2020 with a capital of Rs.12,000. He bought furniture for Rs.1,200 and machinery Rs.2,000. During the year he withdrew @Rs.200 per month for private use. He introduced additional capital of Rs.1,600. On 31st December 2020 his financial position was as follows : Cash in hand Rs.300; Cash at Bank Rs.3,200; Sundry Debtors Rs.5,300; Stock in Trade Rs.5,600; Bills Receivable Rs.2,400; Sundry Creditors Rs.800; Outstanding Rent Rs.1003; Depreciate furniture and machinery by 10%. Ascertain profit or loss made by Gopal during 2020.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:3. Gopal commenced business on 1st January, 2020 with a capital of Rs.12,000.
He bought furniture for Rs.1,200 and machinery Rs.2,000. During the year he
withdrew @Rs.200 per month for private use. He introduced additional capital of
Rs.1,600.
On 31st December 2020 his financial position was as follows : Cash in hand
Rs.300; Cash at Bank Rs.3,200; Sundry Debtors Rs.5,300; Stock in Trade Rs.5,6003;
Bills Receivable Rs.2,400; Sundry Creditors Rs.800; Outstanding Rent Rs.10%3B
Depreciate furniture and machinery by 10%. Ascertain profit or loss made by Gopal
during 2020.
enbos
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