Mr. Govind keeps his books by single entry method and disclosed the following information of his business.

Additional Information:

(1) Mr. Govind transferred Rs. 300 per month during first half year and Rs. 200 each month for the remaining period from his business to his personal account. He also took goods of Rs. 700 for private use.

(2) Mr. Govind sold his personal assets for Rs. 7000 and brought the proceeds into his business.

(3) Furniture is to be depreciated by 10%.

(4) Provide R.D.D. at 5% for debtors.

Prepare: Opening and Closing Statement of affairs and Statement of Profit or Loss for the year ended 31st March 2013.

Solution: In the books of Mr. Govind
Statement of Affairs as on 1.4.2012

Liabilities
Amount.
Assets
Amount
Creditors
52500
Furniture
15000
Capital at the beginning of the year. [Bal. Fig.]
88500
Debtors
60000


Stock in Trade
30000


Cash at Bank
36000





141000

141000

Statement of Affairs as on 31. 3. 2013


Liabilities
Amount.
Assets
Amount
Bills Payable
18000
Investments
30000
Creditors
69000
Fruniture
15000
Capital at the End of the year [Bal. Fig.]
139500
Debtors
90000


Stock in Trade
37500


Cash at Bank
54000





226500

226500

Statement of Profit Or Loss of Mr. Govind for the year ended 31. 3. 2014


Particulars
Amount. Rs.
Amount. Rs.
Capital at the end of the year.

139500
Add: Drawings


For the first Half Year = 6 months x Rs. 300
1800

For the next half year = 6 months x Rs. 200
1200

Goods withdrawn for personal use
700
3700


143200
Less: Additional Capital Introduced

-7000
Adjusted Closing Capital.

136200
Less: Capital at the beginning of the year.

- 88500
Profit Before Adjustments

47700
Add: Incomes and Gains During the year

-
Less: Expenses and Losses During the year.


(i) Depreciation On Furniture = 15000 x 10%
1500

(ii) R.D.D. @ 5% on Debtors = 90000 x 5%
4500
-6000
Net profit for the year

41700

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