Advertisement

On 01/04/13, Mr. Bannerjee commenced business with a capital of Rs.25,000. During the year 20013-14, he withdrew for his personal use goods worth Rs.2, 000 and cash Rs.3,000. He also gave a donation of Rs. 500 to Shri Ramakrishna mission. He paid Life Insurance premium of Rs.1000. During the year, he received a gift of Rs.5000 from his father by cheque which was deposited in the bank account of the business. On 31/3/14; his position was as under:

On 01/04/13, Mr. Bannerjee commenced business with a capital of Rs.25,000.
During the year 20013-14, he withdrew for his personal use goods worth Rs.2, 000 and cash Rs.3,000. He also gave a donation of Rs. 500 to Shri Ramakrishna mission. He paid Life Insurance premium of Rs.1000. During the year, he received a gift of Rs.5000 from his father by cheque which was deposited in the bank account of the business. On 31/3/14; his position was as under:

Particulars
Rs.
Machinery
20000
Furniture
2000
Stock
5000
Debtors
8000
Balance at bank
1500
Prepaid insurance
200
Payable to creditors
3000
Liabilities for expenses
700

Find out the profit earned by him after providing for depreciation at 10% on plant & Machinery and furniture and Rs.400 as reserve for Doubtful Debt. Also prepare statement of affair as on 31.03.014.

Solution: In the books of Mr. Bannerjee

Statement of Affairs as on 31.03.2014

Liability
31.3.2014
Assets
31.03.2014
Capital
[Bal. Fig.]
33000
Machinery
20000


Furniture
2000
Payable to
Creditors
3000
Stock
5000
Liabilities for
expenses
700
Debtors
8000


Balance at
Bank
1500


Prepaid Indurance
200

36700

36700

Statement of Profit or Loss for the year ended 31.03.2014

Particulars
Rs.
Rs.
Capital at the end of the year

33000
Add: Drawings:


Personal use [Goods]
2000

Personal use [Cash]
3000

Donation to Shri Ramakrishna Mission
500

Premium for Life Insurance
1000
6500


39500
Less: Additional Capital Introduced


Gift Received from Father Used for Business

-5000


34500
Less: Capital at the beginning of the year

25000
Trading Profit

9500
Less: Depreciation:


On Plant and Machinery
20000 × 10% = 2000
-2000

On Furniture
2000× 10%
-200
-2200


7300
Less: R.D.D.

-400
Net Profit

6900


25000
33000
9500
6900
OPENING CAPITAL
CLOSING CAPITAL
TRADING PROFIT
NET PROFIT

PDF FILE TO YOUR EMAIL IMMEDIATELY PURCHASE NOTES & PAPER SOLUTION. @ Rs. 50/- each (GST extra)

SUBJECTS

HINDI ENTIRE PAPER SOLUTION

MARATHI PAPER SOLUTION

SSC MATHS I PAPER SOLUTION

SSC MATHS II PAPER SOLUTION

SSC SCIENCE I PAPER SOLUTION

SSC SCIENCE II PAPER SOLUTION

SSC ENGLISH PAPER SOLUTION

SSC & HSC ENGLISH WRITING SKILL

HSC ACCOUNTS NOTES

HSC OCM NOTES

HSC ECONOMICS NOTES

HSC SECRETARIAL PRACTICE NOTES

2019 Board Paper Solution

HSC ENGLISH SET A 2019 21st February, 2019

HSC ENGLISH SET B 2019 21st February, 2019

HSC ENGLISH SET C 2019 21st February, 2019

HSC ENGLISH SET D 2019 21st February, 2019

SECRETARIAL PRACTICE (S.P) 2019 25th February, 2019

HSC XII PHYSICS 2019 25th February, 2019

CHEMISTRY XII HSC SOLUTION 27th, February, 2019

OCM PAPER SOLUTION 2019 27th, February, 2019

HSC MATHS PAPER SOLUTION COMMERCE, 2nd March, 2019

HSC MATHS PAPER SOLUTION SCIENCE 2nd, March, 2019

SSC ENGLISH STD 10 5TH MARCH, 2019.

HSC XII ACCOUNTS 2019 6th March, 2019

HSC XII BIOLOGY 2019 6TH March, 2019

HSC XII ECONOMICS 9Th March 2019

SSC Maths I March 2019 Solution 10th Standard11th, March, 2019

SSC MATHS II MARCH 2019 SOLUTION 10TH STD.13th March, 2019

SSC SCIENCE I MARCH 2019 SOLUTION 10TH STD. 15th March, 2019.

SSC SCIENCE II MARCH 2019 SOLUTION 10TH STD. 18th March, 2019.

SSC SOCIAL SCIENCE I MARCH 2019 SOLUTION20th March, 2019

SSC SOCIAL SCIENCE II MARCH 2019 SOLUTION, 22nd March, 2019

XII CBSE - BOARD - MARCH - 2019 ENGLISH - QP + SOLUTIONS, 2nd March, 2019

HSC Maharashtra Board Papers 2020

(Std 12th English Medium)

HSC ECONOMICS MARCH 2020

HSC OCM MARCH 2020

HSC ACCOUNTS MARCH 2020

HSC S.P. MARCH 2020

HSC ENGLISH MARCH 2020

HSC HINDI MARCH 2020

HSC MARATHI MARCH 2020

HSC MATHS MARCH 2020


SSC Maharashtra Board Papers 2020

(Std 10th English Medium)

English MARCH 2020

HindI MARCH 2020

Hindi (Composite) MARCH 2020

Marathi MARCH 2020

Mathematics (Paper 1) MARCH 2020

Mathematics (Paper 2) MARCH 2020

Sanskrit MARCH 2020

Sanskrit (Composite) MARCH 2020

Science (Paper 1) MARCH 2020

Science (Paper 2)

Geography Model Set 1 2020-2021


MUST REMEMBER THINGS on the day of Exam

Are you prepared? for English Grammar in Board Exam.

Paper Presentation In Board Exam

How to Score Good Marks in SSC Board Exams

Tips To Score More Than 90% Marks In 12th Board Exam

How to write English exams?

How to prepare for board exam when less time is left

How to memorise what you learn for board exam

No. 1 Simple Hack, you can try out, in preparing for Board Exam

How to Study for CBSE Class 10 Board Exams Subject Wise Tips?

JEE Main 2020 Registration Process – Exam Pattern & Important Dates


NEET UG 2020 Registration Process Exam Pattern & Important Dates

How can One Prepare for two Competitive Exams at the same time?

8 Proven Tips to Handle Anxiety before Exams!

BUY FROM PLAY STORE

DOWNLOAD OUR APP

HOW TO PURCHASE OUR NOTES?

S.P. Important Questions For Board Exam 2022

O.C.M. Important Questions for Board Exam. 2022

Economics Important Questions for Board Exam 2022

Chemistry Important Question Bank for board exam 2022

Physics – Section I- Important Question Bank for Maharashtra Board HSC Examination

Physics – Section II – Science- Important Question Bank for Maharashtra Board HSC 2022 Examination

Important-formula



THANKS