On March 1, 2021, Mr. Muneeb started a business with an investment of Rs.100,000 and decided to keep his business accounting records under single entry system. On June 30, 2021, the following information was available trom his records: Cash in hand Rs 39,000 Cash at Bank 24,000 Accounts Recievable 7,000 20,000 46,000 Merchandise Furniture Accounts Payable 12,000 Bank Loan 10,000 Additional information as on June 30, 2021 During the period he withdrew cash Rs.6000 for his personal use. Additional investment of Rs.20,000 was also made. Depreciation was charged on Furniture @12% Bad Debts were estimated Rs.500. (- Rent was prepaid Rs.6,000. Accrued Commission Income Rs.7,000.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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2. Single Entr
Oa March 1, 2021, Mr. Muneeb started a business with an investment of Rs.100,000 and decided to keep his business
accounting records under single entry system. On June 30, 2021, the following information was available from his records:
Cash in hand
Rs 39,000
Cash at Bank
24,000
Accounts Recievable
7,000
Merchandise
20,000
Furniture
46,000
Accounts Payable
12,000
10,000
Bank Loan
Additional information as on June 30, 2021
During the period he withdrew cash Rs.6000 for his personal use.
Additional investment of Rs.20,000 was also made.
Depreciation was charged on Furniture @12%
iv)
Bad Debts were estimated Rs.500,
v)
Rent was prepaid Rs.6,000.
vi)
Accrued Commission Income Ra.7,000.
Required: Prepare statement of Profit & Loss for the period ended on June 30,2021.
Transcribed Image Text:2. Single Entr Oa March 1, 2021, Mr. Muneeb started a business with an investment of Rs.100,000 and decided to keep his business accounting records under single entry system. On June 30, 2021, the following information was available from his records: Cash in hand Rs 39,000 Cash at Bank 24,000 Accounts Recievable 7,000 Merchandise 20,000 Furniture 46,000 Accounts Payable 12,000 10,000 Bank Loan Additional information as on June 30, 2021 During the period he withdrew cash Rs.6000 for his personal use. Additional investment of Rs.20,000 was also made. Depreciation was charged on Furniture @12% iv) Bad Debts were estimated Rs.500, v) Rent was prepaid Rs.6,000. vi) Accrued Commission Income Ra.7,000. Required: Prepare statement of Profit & Loss for the period ended on June 30,2021.
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