Single Entry Solution
March 2018 HSC Board PaperIn the books of Miss Kalpana
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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
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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 |
