Mr. Ashok does not keep his books properly. Following information is a

1.	Mr. Ashok does not keep his books properly. Following information is available from his books ItemsJan 1, 2005 (Rs.)Dec 31, 2005 (Rs.)Sundry Creditors45,00093,000Loan from wife66,00057,000Sundry Debtors22,500 –––Land and Building89,60090,000Cash in hand7,5008,700Bank overdraft25,000 –––Furniture1,3001,300Stock34,00025,000 During the year Mr. Ashok sold his private car for Rs. 50,000 and invested this amount into the business. He withdrew from the business Rs. 1,500 per month up to July 31, 2005 and thereafter Rs. 4,500 per month as drawings. You are required to prepare the statement of profit or loss and statement of affairs as on December 31, 2005.
Answer» Mr. Ashok does not keep his books properly. Following information is available from his books $\begin{matrix} Items & Jan 1, 2005 (Rs.) & Dec 31, 2005 (Rs.) Sundry Creditors & 45, 000 & 93, 000 Loan from wife & 66, 000 & 57, 000 Sundry Debtors & 22, 500 & - - - Land and Building & 89, 600 & 90, 000 Cash in hand & 7, 500 & 8, 700 Bank overdraft & 25, 000 & - - - Furniture & 1, 300 & 1, 300 Stock & 34, 000 & 25, 000 \end{matrix}$ During the year Mr. Ashok sold his private car for Rs. 50,000 and invested this amount into the business. He withdrew from the business Rs. 1,500 per month up to July 31, 2005 and thereafter Rs. 4,500 per month as drawings. You are required to prepare the statement of profit or loss and statement of affairs as on December 31, 2005.

Mr. Ashok does not keep his books properly. Following information is available from his books ItemsJan 1, 2005 (Rs.)Dec 31, 2005 (Rs.)Sundry Creditors45,00093,000Loan from wife66,00057,000Sundry Debtors22,500 –––Land and Building89,60090,000Cash in hand7,5008,700Bank overdraft25,000 –––Furniture1,3001,300Stock34,00025,000 During the year Mr. Ashok sold his private car for Rs. 50,000 and invested this amount into the business. He withdrew from the business Rs. 1,500 per month up to July 31, 2005 and thereafter Rs. 4,500 per month as drawings. You are required to prepare the statement of profit or loss and statement of affairs as on December 31, 2005.

Answer»

Mr. Ashok does not keep his books properly.
Following information is available from his books

$\begin{matrix} Items & Jan 1, 2005 (Rs.) & Dec 31, 2005 (Rs.) Sundry Creditors & 45, 000 & 93, 000 Loan from wife & 66, 000 & 57, 000 Sundry Debtors & 22, 500 & - - - Land and Building & 89, 600 & 90, 000 Cash in hand & 7, 500 & 8, 700 Bank overdraft & 25, 000 & - - - Furniture & 1, 300 & 1, 300 Stock & 34, 000 & 25, 000 \end{matrix}$

During the year Mr. Ashok sold his private car for Rs. 50,000 and invested this amount into the business. He withdrew from the business Rs. 1,500 per month up to July 31, 2005 and thereafter Rs. 4,500 per month as drawings.
You are required to prepare the statement of profit or loss and statement of affairs as on December 31, 2005.

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