OMTEX CLASSES: Mrs. Asha keeps her books on Single Entry System and gives the following information: [8]

Book Keeping Question Paper Maharashtra HSC 12th Board Exam October 2014

Question:

Mrs. Asha withdrew from business Rs. 30,000 for personal use. She further introduced fresh capital of Rs. 50,000.

Depreciation is to be charged @ 10% p.a. on furniture and machinery.

Prepare:

(a) Statement of affairs as on 31.3.2011

(b) Statement of affairs as on 31.3.2012

Solution: In the Books of Mrs. Asha Statement of Affairs as on 31^st March, 2011 and 31^st March, 2012

Liabilities	31.3.11	31.3.12	Assets	31.3.11	31.3.12
Bills payable	10000	10000	Cash at Bank	10000	64000
Sundry creditors	30000	40000	Sundry Debtors	50000	80000
Capital Funds	220000	334000	Stock in Trade	60000	100000
			Furniture	40000	40000
			Machinery	100000	100000
	260000	384000		260000	384000

Statement of Profit or Loss for the year ended 31st March, 2012.

Particulars	Amount	Amount
Capital at the end of the Year		334000
Add: Drawings		+30000
		364000
Less: Additional Capital Introduced		-50000
		314000
Less: Capital at the End of the Year		220000
Trading Profit		94,000
Less: Depreciation
On Furniture = \( 40000 \times 10\% \)	4000
On Machinery = \( 100000 \times 10\% \)	10000	-14000
Net Profit		80,000

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