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The following is the Statement of Affairs of Shri Abdul Waheed as an December 31,2020 who kept his books on the Single Entry System. STATEMENT OF AFFAIRS As on 31.12.2020 Liabilities Rs. Assets 8,000 Fixtures 62,750 Stock Debtors Cash at Bank Rs. Creditors Capital 4,000 28,000 35,600 3,150

The following is the Statement of Affairs of Shri Abdul Waheed as an December 31,2020 who kept his books on the Single Entry System. STATEMENT OF AFFAIRS As on 31.12.2020 Liabilities Rs. Assets 8,000 Fixtures 62,750 Stock Debtors Cash at Bank Rs. Creditors Capital 4,000 28,000 35,600 3,150

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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70,750 70,750 His capital on 31.12.2019 was Rs.42,960. He transferred to his personal account from the bank account of the firm Rs.500 every month during the year and took for private use, stock worth Rs.300. He sold his house for Rs.10,000 during the year and introduced the proceeds into the business. Depreciation on Fixtures at 5% and Provision for Doubtful Debts at 2 ½ % are to be provided. Prepare the statement of profit of Shri Abdul Waheed and redraft the Statement of Affairs as on December 31,2020.
Transcribed Image Text:70,750 70,750 His capital on 31.12.2019 was Rs.42,960. He transferred to his personal account from the bank account of the firm Rs.500 every month during the year and took for private use, stock worth Rs.300. He sold his house for Rs.10,000 during the year and introduced the proceeds into the business. Depreciation on Fixtures at 5% and Provision for Doubtful Debts at 2 ½ % are to be provided. Prepare the statement of profit of Shri Abdul Waheed and redraft the Statement of Affairs as on December 31,2020.
& The following is the Statement of Affairs of Shri Abdul Waheed as on December 31,2020 who kept his books on the Single Entry System. STATEMENT OF AFFAIRS As on 31.12.2020 Liabilities Creditors Capital Rs. Assets Rs. 8,000 Fixtures 62,750 Stock Debtors Cash at Bank 4,000 28,000 35,600 3,150
Transcribed Image Text:& The following is the Statement of Affairs of Shri Abdul Waheed as on December 31,2020 who kept his books on the Single Entry System. STATEMENT OF AFFAIRS As on 31.12.2020 Liabilities Creditors Capital Rs. Assets Rs. 8,000 Fixtures 62,750 Stock Debtors Cash at Bank 4,000 28,000 35,600 3,150
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