Ajay started business with a capital of Rs 2,25,000 on 1st April, 2011

1.	Ajay started business with a capital of Rs 2,25,000 on 1st April, 2011.During the year, he withdrew Rs 40,000 for his personal use and introduced Rs 7,000 as fresh capital. On 31st March 2012,his position of assets and liabilities stood as follows: Cash in hand 18,500 Rs Stock 20,000 Rs Bills receivable 25,000 Rs Debtors 4,00,000 Rs Creditors 1,50,000 Rs Bills Payable 3,000 Rs You are required to prepare Statement of Profit or Loss for the year ended 31st March, 2012.
Answer» Ajay started business with a capital of Rs 2,25,000 on 1st April, 2011.During the year, he withdrew Rs 40,000 for his personal use and introduced Rs 7,000 as fresh capital. On 31st March 2012,his position of assets and liabilities stood as follows: Cash in hand 18,500 Rs Stock 20,000 Rs Bills receivable 25,000 Rs Debtors 4,00,000 Rs Creditors 1,50,000 Rs Bills Payable 3,000 Rs You are required to prepare Statement of Profit or Loss for the year ended 31st March, 2012.

Ajay started business with a capital of Rs 2,25,000 on 1st April, 2011.During the year, he withdrew Rs 40,000 for his personal use and introduced Rs 7,000 as fresh capital. On 31st March 2012,his position of assets and liabilities stood as follows: Cash in hand 18,500 Rs Stock 20,000 Rs Bills receivable 25,000 Rs Debtors 4,00,000 Rs Creditors 1,50,000 Rs Bills Payable 3,000 Rs You are required to prepare Statement of Profit or Loss for the year ended 31st March, 2012.

Answer»

Ajay started business with a capital of Rs 2,25,000 on 1st April, 2011.During the year, he withdrew Rs 40,000 for his personal use and introduced Rs 7,000 as fresh capital. On 31st March 2012,his position of assets and liabilities stood as follows:

Cash in hand 18,500 Rs

Stock 20,000 Rs

Bills receivable 25,000 Rs

Debtors 4,00,000 Rs

Creditors 1,50,000 Rs

Bills Payable 3,000 Rs

You are required to prepare Statement of Profit or Loss for the year ended 31st March, 2012.

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