ParticularsFurnitureStockApril 1, 2020200March 31, 20212002,8003,800Debtòrs2,1003,400Cash150200CreditorsBills Receivables1,7501,900300Loan Given500Investments1,000His 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 hand7 2,400, Cash at bank 25,500, Debtors 18,400, Stock 28,600, Furniture 75,000, Creditors 18,700, Expensesoutstanding 2,000. On October 1, 2020 Ashok introduced 7 10,000 as additional capital in the business out ofwhich 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; Creditors7 20,200; Prepaid Insurance 200.Prepare the necessary Statement of Affairs and the Statement of Profit for the year ending March 31, 2021 andascertain 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, 2020March 31, 2021Cash in handCash at BankStockDebtorsBusiness premises1,00015,0001,00,00042,50075,0001,50010,00095,0070,001,35,00d a no

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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]

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter15: Capital Investment Analysis

Section: Chapter Questions

Problem 15.1.1MBA

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