OMTEX CLASSES: 5. Mr. Suhas a small trader provides you the following details about his business.

5. Mr. Suhas a small trader provides you the following details about his business.

5. Mr. Suhas a small trader provides you the following details about his business:
Particulars
1.4.2011
31.3.2012
Debtors
45000
50000
Creditors
60000
70000
Computer
60000
120000
10% Govt. Bonds
-
10000
Bank Overdraft
80000
40000
Motor Van
80000
80000
Furniture
10000
10000
Stock
65000
80000
Cash in Hand
2000
8000
Bills Receivable
60000
80000

Additional Information:

1. On 1st October, 2012 he withdrew Rs. 40,000 for his personal use.
2. Charge Interest on Drawings Rs. 2,000.
3. He had also withdrawn Rs. 30,000 for Rent of his residential flat.
4. Depreciate furniture by 10% and write off Rs. 2000 from motor van.
5. 10% Government Bonds were purchased on 1st October, 2011.
6. Allow interest on Capital at 10% p.a.
7. Rs. 2000 is written off as bad debts and provide 5% R.D.D. on debtors.

Prepare Opening Statement of affairs, closing statement of affairs and statement of profit or loss for the year ended 31st March, 2012.