Q. 2. Solution: In the books of Shri Rajesh.
Statement of Affairs as on 1.4.2012
| Liabilities | Amount. | Assets | Amount |
|---|---|---|---|
| Creditors | 15000 | Cash in hand | 10000 |
| Capital at the Beginning of the year. [Bal. Fig.] | 133000 | Cash at Bank | 20000 |
| Stock | 16000 | ||
| Furniture | 18000 | ||
| Plant and Machinery | 60000 | ||
| Debtors | 24000 | ||
| 148000 | 148000 |
Statement of Affairs as on 31. 3. 2013
| Liabilities | Amount. | Assets | Amount |
|---|---|---|---|
| Creditors | 18000 | Cash in Hand | 16000 |
| Capital at the end of the year. [Bal. Fig.] | 196000 | Cash at Bank | 36000 |
| Stock | 24000 | ||
| Furniture | 18000 | ||
| Plant and Machinery | 90000 | ||
| Debtors | 30000 | ||
| 214000 | 214000 |
Statement of Profit Or Loss of Shri Rajesh for the year ended 31. 3. 2013
| Particulars | Amount. Rs. | Amount. Rs. |
|---|---|---|
| Capital at the end of the year. | 196000 | |
| Add: Drawings | ||
| Cash | 10000 | |
| Goods | 2000 | 12000 |
| 208000 | ||
| Less: Additional Capital Introduced | 2000 | |
| Adjusted Closing Capital | 206000 | |
| Less: Capital at the beginning of the year. | 133000 | |
| Profit Before Adjustments. | 73000 | |
| Add: Incomes and Gains During the year. | - | |
| Less: Expenses and Losses During the year | ||
| Depreciation of Machinery | 7500 | |
| Depreciation on Furniture | 900 | 8400 |
| Net Profit of the year | 64600 |
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