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

HSC Accounts March 2015 Board Paper Solution
Question: Single Entry System
Mr. Anil keeps his books by single entry method. Following are the details of his business: [8]
Name Page No. 3 Name Page No. 4
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 Anil has withdrawn ₹ 10,000 for his private purpose and bought goods of ₹ 2000 for household use.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
Single Entry March 2015 Solution Part 1 Single Entry March 2015 Statement of Profit or Loss
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