2. In the books of Mr. John.
Statement of Affairs.
Liabilities
|
1.4.12
|
31.3.13
|
Assets
|
1.4.12
|
31.3.13
|
Sundry Creditors
|
54500
|
60400
|
Machinery
|
70000
|
70000
|
Capital Fund
(Balancing Figure)
|
178700
|
216400
|
Furniture
|
10000
|
20000
|
Stock
|
36000
|
42000
| |||
Sundry Dentors
|
72200
|
88400
| |||
Cash in Hand
|
3000
|
4100
| |||
Cash at Bank
|
42000
|
52300
| |||
233200
|
276800
|
233200
|
276800
|
Statement of profit or Loss for the year ended 31st March, 2013
Particulars
|
Amount
(Rs.)
|
Amount
(Rs.)
|
Capital at the endo fothe accounting year. 2012 - 13
|
216400
| |
Add: Drawings made duing the accounting year.
|
15000
| |
231400
| ||
Less: Additional Capital Introduced
|
20000
| |
Adjusted Closing Capital
|
211400
| |
Less: Capital at the begining of the accounting year
|
178700
| |
32700
| ||
Less: Depreciation
| ||
On Machinery (10% on Rs.70000 for 1 year)
|
7000
| |
On Opening Furniture (20% p.a. On Rs. 10000 for 1 year)
|
2000
| |
On Additional Furniture (20% on Rs. 10000 for 6 months)
|
1000
|
10000
|
Net profit Earnied during the year.
|
22700
|
you didn't mention gross profit at the value of 32700
ReplyDeleteCorrect 32,700
DeleteHow do we know if is it net profit or loss
ReplyDeleteIf amount of net profit is less than profit before adjustment then it is net profit and vise versa if net profit is more then it is consider as net loss
DeleteHow do we know if is it net profit or loss
ReplyDeleteIf answer comes in minus ,then it is less and if comes in positive it is profit
DeleteYess.???????
DeleteProfit before adjustment 32700 is written correct because in this we don't write gross profit or loss
ReplyDeleteBad calculation
ReplyDeleteThanks sir ЁЯСН
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