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Following information is supplied to you by a shopkeeper: 1st April, 2018 (₹) 31st March, 2019 (₹) Cash 6,000 7,000 Sundry Debtors 68,000 64,000 Stock 59,000 87,000 Furniture 15,000 13,500 Sundry Creditors 20,000 18,000 Bills Payable 15,000 11,000 During the year, he withdrew ₹ 2,500 per month for domestic purposes. He also borrowed from a friend at 9% a sum of ₹ 20,000 on 1st October, 2018. He has not yet paid the interest. A provision of 5% on debtors for doubtful debts is to be made.Ascertain the profit or loss made by him during the period. |
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Answer» Following information is supplied to you by a shopkeeper:
During the year, he withdrew ₹ 2,500 per month for domestic purposes. He also borrowed from a friend at 9% a sum of ₹ 20,000 on 1st October, 2018. He has not yet paid the interest. A provision of 5% on debtors for doubtful debts is to be made. Ascertain the profit or loss made by him during the period. |
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