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M/s Saniya Sports Equipment does not keep proper records. From the following information, find out profit or loss and also prepare balance sheet for the year ended December 31, 2005. ItemsJan 1, 2005 (Rs.)Dec 31, 2005 (Rs.)Cash in hand6,00024,000Bank Overdraft30,000 ––Stock50,00080,000Sundry Creditors26,00040,000Sundry Debitors60,0001,40,000Bills Payable6,00012,000Furniture40,00060,000Bills Receivable8,00028,000Machinery50,0001,00,000Investment30,00080,000 Drawing Rs. 10,000 p.m. for personal use, fresh capital introduced during the year Rs. 2,00,000. Outstanding salary Rs. 2,400, prepaid insurance Rs. 700, depreciation charged on furniture and machinery 10% pa.

Answer»

M/s Saniya Sports Equipment does not keep proper records. From the following information, find out profit or loss and also prepare balance sheet for the year ended December 31, 2005.

ItemsJan 1, 2005 (Rs.)Dec 31, 2005 (Rs.)Cash in hand6,00024,000Bank Overdraft30,000 Stock50,00080,000Sundry Creditors26,00040,000Sundry Debitors60,0001,40,000Bills Payable6,00012,000Furniture40,00060,000Bills Receivable8,00028,000Machinery50,0001,00,000Investment30,00080,000

Drawing Rs. 10,000 p.m. for personal use, fresh capital introduced during the year Rs. 2,00,000. Outstanding salary Rs. 2,400, prepaid insurance Rs. 700, depreciation charged on furniture and machinery 10% pa.



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