Mr. Anil keeps his books by single entry method. Following are the details of his business: [8]

Mr. Anil keeps his books by single entry method. Following are the details of his business: [8]

Particulars
01.04.2012
Amount
(Rs.)
31.03.2013
Amount
(Rs.)
Cash in hand
10000
16000
Cash at bank
20000
36000
Stock
16000
24000
Furniture
18000
18000
Plant and Machinery
60000
90000
Creditors
15000
18000
Debtors
24000
30000


During the year Mr. Anil has withdrawn ₹ 10,000 for his private purpose and bought goods of ₹ 2000 for household use.
On 1st October 2012, he sold his household furniture for ₹ 2,000 and deposited the same amount in the business bank account.
Provide depreciation on Machinery @ 10% p.a. (assuming additions were made on 1st October, 2012) and on furniture @ 5%.


Prepare:
(a) Opening Statement of Affairs.
(b) Closing Statement of Affairs.
(c) Statement of Profit or Loss for the year ended 31st March 2013.

Solution :