Elements of Book Keeping and Accountancy
Question Bookmark Mr. John keeps his books according to single entry system. Following are the details of his business: Particulars 01.04.2012 Amount (Rs.) 31.03.2013 Amount (Rs.) Machinery 70,000 70,000 Furniture 10,000 20,000 Stock 36,000 42,000 Sundry debtors 72,200 88,400 Cash in hand 3,000 4,100 Cash at bank 42,000 52,300 Sundry creditors 54,500 60,400 Addition information: (1) Mr. John had introduced Rs. 20,000 as additional capital on 1 st October, 2012. (2) Mr. John had withdrawn Rs. 15,000 for his personal use during the year. (3) Additions to furniture were made on 1 st October, 2012. (4) Deprecate machinery at 10% p.a. and further at 20% p.a. Prepare: (1) Opening and closing Statement of Affairs. (2) Statement of Profit or Loss for the year ending on 31 st March, 2013.
Medium Solution Verified by Toppr Opening Statement of Affairs As on 1.4.2012 Liabilities Amount Assets Amount Capital (bal. fig.) 178700 Machinery 70000 Sundry Creditors 54500 Furnitur…