Question: Single Entry System
Mr. Anil keeps his books by single entry method. Following are the details of his business: [8]
| 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 Anil has withdrawn ₹ 10,000 for his private purpose and bought goods of ₹ 2000 for household use.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.
(b) Closing Statement of Affairs.
(c) Statement of Profit or Loss for the year ended 31st March 2013.
Solution
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Why is 1500. Is added in depreciation ??
ReplyDeleteBcuz interest on machinery is for 60000 is 6000 and for that additional 30000 is 1500(calculated half yearly as itsfrom 1 october
DeleteSir 1500 kaise aaya
Delete30000 ka 10% and 6 mahine ke liye as mentioned date
DeleteAddition of machinery par hai
Delete60,000-90,000= 30,000*10%=3,000
For 6 months 3000/2=(1500)
Additional capital 2000 kaise aya .
ReplyDeleteFrom drawing bro
DeleteBro adjustment me mention kiya hai check kar le.
DeleteSacrifice ratio is 2:3
ReplyDeleteCan anyone help me out with tht capital at the end of the year amount is 196000 howw???
ReplyDeleteClosing assets - closing liabilities
Deletei.e 2,14,000-18,000
Shut up everyone....Crying for a simple sum like this
ReplyDelete