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.

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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