2. Single EntrOa March 1, 2021, Mr. Muneeb started a business with an investment of Rs.100,000 and decided to keep his businessaccounting records under single entry system. On June 30, 2021, the following information was available from his records:Cash in handRs 39,000Cash at Bank24,000Accounts Recievable7,000Merchandise20,000Furniture46,000Accounts Payable12,00010,000Bank LoanAdditional information as on June 30, 2021During 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.

Name: 2. Single EntrOa March 1, 2021, Mr. Muneeb started a business with an
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Description: 2. Single EntrOa March 1, 2021, Mr. Muneeb started a business with an investment of Rs.100,000 and decided to keep his businessaccounting records under single entry system. On June 30, 2021, the following information was available from his records:C

A balance sheet is prepared from records maintained on the basis of double-entry bookkeeping, and…

Business

Accounting

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.

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

Section: Chapter Questions

Problem 1Q

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B. Problem (please refer to the picture.)
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