1.

Mr. A does not keep proper records of his business. Following information is available from records kept by him: 1-4-2016 31-3-2017 ₹ ₹ Cash 20,000 18,000 Bank 30,000 33,000 Debtors 17,000 25,000 Stock 40,000 60,000 Fixed Assets 29,000 29,000 Creditors 52,000 32,000 Loan 10,000 25,000 Mr. A withdrew from the business ₹ 3,000 per month upto 30th September 2016 and thereafter ₹ 4,000 per month as drawings. ₹ 50,000 realised by the proprietor as maturity value of National Saving Certificates was invested in the business.Prepare a statement showing net profit (or net loss) for the year.

Answer» Mr. A does not keep proper records of his business. Following information is available from records kept by him:

















































1-4-2016 31-3-2017
₹ ₹
Cash 20,000 18,000
Bank 30,000 33,000
Debtors 17,000 25,000
Stock 40,000 60,000
Fixed Assets 29,000 29,000
Creditors 52,000 32,000
Loan 10,000 25,000



Mr. A withdrew from the business ₹ 3,000 per month upto 30th September 2016 and thereafter ₹ 4,000 per month as drawings. ₹ 50,000 realised by the proprietor as maturity value of National Saving Certificates was invested in the business.

Prepare a statement showing net profit (or net loss) for the year.


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