OMTEX CLASSES: Mr. Govind keeps his books on single entry system and disclosed the following information of his business.

Mr. Govind keeps his books on single entry system and disclosed the following information of his business.

TEXTUAL PROBLEM NO. 6

SINGLE ENTRY

6. Mr. Govind keeps his books on Single Entry System and disclosed the following information of his business.

Particulars
1.4.2010
31.3.2011
Investments
-
30000
Bills Payable
-
18000
Creditors
52500
69000
Furniture
15000
15000
Debtors
60000
90000
Stock in Trade
30000
37500
Cash at Bank
36000
54000

Additional Information:

1. Mr. Govind transferred Rs. 300 per month during first half year and Rs. 200 each month for the remaining period from his business to his personal account. He also took goods of Rs. 700 for private use.
2. Mr. Govind sold his personal asset for Rs. 7000 and brought the proceeds into his business.
3. Furniture to be depreciated by 10%.
4. Provide R.D.D. 5% on Debtors.


Prepare Opening and Closing Statement of affairs and statement of profit or loss for the year ended 31st March 2011.