Single Entry Solution: In the books of Miss kalpana

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In the books of Miss kalpana
Closing Statement of Affairs as on 31st March, 2016

Liabilities
Amount
Assets
Amount
Bills payable
12880
Cash
9120
Creditors
17180
Stock
10250
Capital (Balancing Figure)
175980
Debtors
31000


Prepaid Insurance
550


Bills Receivable
29120


Premises
85800


Vehicles
40200





206040

206040




Statement of Profit or Loss for the year ended 31st March, 2016.

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

175980
Add: Drawings during the year

10000


185980
Less: Additional Capital Introduced

-20000
Adjusted Closing capital

165980
Less: Capital at the beginning of the year.

-130000
Profit Before Adjustments

35980
Add: Incomes and Gains during the year


Decrease in the value of creditors

-2180


38160
Less: Expenses and losses During the year.


(1) Interest on Capital (6500 + 500)
7000

(2) Bad debts
1000

(3) Reserve for Doubtful Debts
750

(4) Depreciation on Vehicles
4020

(5) Depreciation on Premises
4290
- 17060
NET PROFIT

21100

51 comments:

  1. Thank you omtex classes You easy every thing

    ReplyDelete
  2. Can i solve this sum in alternative method in board exam???
    Plz,reply as soon as possible...

    ReplyDelete
  3. How is interest on capital calculated

    ReplyDelete
    Replies
    1. 5% on opening capital and 5% on additional capital for 6 months...

      Delete
    2. How we are calculate capital please reply I do not understand

      Delete
    3. On additional capital we calculate the 5% interest I.e.20000×5÷100×6÷12=500

      Delete
    4. Thanks for your help 😊👍😊

      Delete
  4. Adjustment overvalue and undervalue
    Effects

    ReplyDelete
  5. We have to show working note or not?

    ReplyDelete
  6. How to calculate intereste on capital?

    ReplyDelete
  7. where is the class in pune what ishe about fees

    ReplyDelete
  8. i dont like BK it is boring 😈 so single entry is boring

    ReplyDelete
  9. B.k it is not boring it is interesting 🧐🧐😁

    ReplyDelete
  10. Working note is compulsory

    ReplyDelete
  11. RDD is not a 750
    Right answer is 775

    ReplyDelete
    Replies
    1. No 750is correct ans because first of all we have to deduct 1000 from 31000 then we have to calculate 21/2% rdd on debtors i.e 750

      Delete
    2. 1500 will be the answer..

      Delete
  12. Rdd is 750 because first we have to subtract (31000-1000)then charge 5% so we get 750 only

    ReplyDelete
  13. Thank u for halp me to this question

    ReplyDelete
  14. Interest on capital opening aur additional dono pe nikal ne ka?

    ReplyDelete
  15. Thank You For Given Answer To Me and I have My Lot's Of Problem Sir In Book Keeping Accountncy

    ReplyDelete
  16. Overvaluation of liabilities (i.e overvaluation of creditors) will be added and not subtracted... right?

    ReplyDelete
  17. Thank you so much sir😊

    ReplyDelete
  18. What does creditors were overdraft mean? Please reply soon.

    ReplyDelete

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