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From the following information relating to the business of Abhay who keeps books on Single Entry System, ascertain the profit or loss for the year 2018–19: 1st April, 2018 (₹) 31st March, 2019 (₹) Machinery 8,000 8,000 Furniture 2,000 2,000 Stock 7,000 5,000 Sundry Debtors 4,000 4,500 Bank Balance 200 (Cr.) 1,800 (Dr.) Sundry Creditors 5,000 3,500 Abhay withdrew ₹ 4,100 during the year to meet his household expenses. He introduced ₹ 300 as fresh capital on 15th January, 2019. Machinery and Furniture are to be depreciated at 10% and 5% p.a. respectively. |
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Answer» From the following information relating to the business of Abhay who keeps books on Single Entry System, ascertain the profit or loss for the year 2018–19:
Abhay withdrew ₹ 4,100 during the year to meet his household expenses. He introduced ₹ 300 as fresh capital on 15th January, 2019. Machinery and Furniture are to be depreciated at 10% and 5% p.a. respectively. |
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