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March 31, 2021 April 1, 2020 200 200 3,800 3,400 2,800 2,100 150 200 1,750 1,900 300 500 1,000 ne year were 500. Prepare the Statement showing profit for the year. pening Capital 3,500; Closing Capital ? 7,500]

March 31, 2021 April 1, 2020 200 200 3,800 3,400 2,800 2,100 150 200 1,750 1,900 300 500 1,000 ne year were 500. Prepare the Statement showing profit for the year. pening Capital 3,500; Closing Capital ? 7,500]

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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Particulars Furniture Stock April 1, 2020 200 March 31, 2021 200 2,800 3,800 Debtòrs 2,100 3,400 Cash 150 200 Creditors Bills Receivables 1,750 1,900 300 Loan Given 500 Investments 1,000 His drawings during the year were 500. Prepare the Statement showing profit for the year. [Ans. Profit 5,500; Opening Capital 3,500; Closing Capital 7 7,500] 9. Ashok keeps his books on single entry system. His position on March 31, 2020 was as follows: Cash in hand 7 2,400, Cash at bank 25,500, Debtors 18,400, Stock 28,600, Furniture 75,000, Creditors 18,700, Expenses outstanding 2,000. On October 1, 2020 Ashok introduced 7 10,000 as additional capital in the business out of which a machine costing 5,000 was purchased for the business. His drawings during the year totalled 2,000. On March 31, 2021 his position was as follows : Cash in hand 3,600; Cash at bank 7 27,500; Stock 31,500; Debtors 7 24,200; Furniture 7 4,500; Creditors 7 20,200; Prepaid Insurance 200. Prepare the necessary Statement of Affairs and the Statement of Profit for the year ending March 31, 2021 and ascertain the profit or loss. (Ans. Profit 9,100; Opening Capital 7 59,200; Closing Capital 76,300] 10. Mr. Akshat keeps his books on incomplete records. Following information is given below: April 1, 2020 March 31, 2021 Cash in hand Cash at Bank Stock Debtors Business premises 1,000 15,000 1,00,000 42,500 75,000 1,500 10,000 95,00 70,00 1,35,00 d a no
Transcribed Image Text:Particulars Furniture Stock April 1, 2020 200 March 31, 2021 200 2,800 3,800 Debtòrs 2,100 3,400 Cash 150 200 Creditors Bills Receivables 1,750 1,900 300 Loan Given 500 Investments 1,000 His drawings during the year were 500. Prepare the Statement showing profit for the year. [Ans. Profit 5,500; Opening Capital 3,500; Closing Capital 7 7,500] 9. Ashok keeps his books on single entry system. His position on March 31, 2020 was as follows: Cash in hand 7 2,400, Cash at bank 25,500, Debtors 18,400, Stock 28,600, Furniture 75,000, Creditors 18,700, Expenses outstanding 2,000. On October 1, 2020 Ashok introduced 7 10,000 as additional capital in the business out of which a machine costing 5,000 was purchased for the business. His drawings during the year totalled 2,000. On March 31, 2021 his position was as follows : Cash in hand 3,600; Cash at bank 7 27,500; Stock 31,500; Debtors 7 24,200; Furniture 7 4,500; Creditors 7 20,200; Prepaid Insurance 200. Prepare the necessary Statement of Affairs and the Statement of Profit for the year ending March 31, 2021 and ascertain the profit or loss. (Ans. Profit 9,100; Opening Capital 7 59,200; Closing Capital 76,300] 10. Mr. Akshat keeps his books on incomplete records. Following information is given below: April 1, 2020 March 31, 2021 Cash in hand Cash at Bank Stock Debtors Business premises 1,000 15,000 1,00,000 42,500 75,000 1,500 10,000 95,00 70,00 1,35,00 d a no
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