Single Entry Solution Miss Kalpana | March 2018 HSC Accounts Board Paper

Single Entry Solution

March 2018 HSC Board Paper

In the books of Miss Kalpana

Closing Statement of Affairs as on 31st March, 2016

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Liabilities	Amount	Assets	Amount
Bills payable	12,880	Cash	9,120
Creditors	17,180	Stock	10,250
Capital (Balancing Figure)	1,75,980	Debtors	31,000
		Prepaid Insurance	550
		Bills Receivable	29,120
		Premises	85,800
		Vehicles	40,200
Total	2,06,040	Total	2,06,040

Statement of Profit or Loss

For the year ended 31st March, 2016

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Particulars	Amount (Rs.)	Amount (Rs.)
Capital at the end of the year.		1,75,980
Add: Drawings during the year		10,000
		1,85,980
Less: Additional Capital Introduced		- 20,000
Adjusted Closing capital		1,65,980
Less: Capital at the beginning of the year.		- 1,30,000
Profit Before Adjustments		35,980
Add: Incomes and Gains during the year
Decrease in the value of creditors		2,180
		38,160
Less: Expenses and losses During the year.
(1) Interest on Capital (6500 + 500)	7,000
(2) Bad debts	1,000
(3) Reserve for Doubtful Debts	750
(4) Depreciation on Vehicles	4,020
(5) Depreciation on Premises	4,290	- 17,060
NET PROFIT		21,100