Mr. Girdhari Lal does not keep full double entry records. His Balance

1.	Mr. Girdhari Lal does not keep full double entry records. His Balance as on 1st January, 2016 is as follows: Capital and LiabilitiesAmt. (Rs.)AssetsAmt. (Rs.)Sundry Creditors35,000Cash in Hand5,000Bills Payable15,000Cash at Bank20,000Capital40,000Sundry Debtors 18,000Stock22,000Furniture8,000Plant17,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯90,000––––––––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯90,000–––––––––––––––– His position at the end of the year is ItemsAmt. (Rs.)Cash in Hand7,000Stock8,600Debtors23,800Furniture15,000Plant20,350Bills Payable20,200Creditors15,000 He withdrew Rs. 500 per month out of which he spent Rs. 1,500 for business purpose. Prepare the statement of profit or loss.
Answer» Mr. Girdhari Lal does not keep full double entry records. His Balance as on 1st January, 2016 is as follows: $\begin{matrix} Capital and Liabilities & Amt. (Rs.) & Assets & Amt. (Rs.) Sundry Creditors & 35, 000 & Cash in Hand & 5, 000 Bills Payable & 15, 000 & Cash at Bank & 20, 000 Capital & 40, 000 & Sundry Debtors & 18, 000 Stock & 22, 000 Furniture & 8, 000 Plant & 17, 000 ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 90, 000 - ------ - - ------ - & ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 90, 000 - ------ - - ------ - \end{matrix}$ His position at the end of the year is $\begin{matrix} Items & Amt. (Rs.) Cash in Hand & 7, 000 Stock & 8, 600 Debtors & 23, 800 Furniture & 15, 000 Plant & 20, 350 Bills Payable & 20, 200 Creditors & 15, 000 \end{matrix}$ He withdrew Rs. 500 per month out of which he spent Rs. 1,500 for business purpose. Prepare the statement of profit or loss.

Mr. Girdhari Lal does not keep full double entry records. His Balance as on 1st January, 2016 is as follows: Capital and LiabilitiesAmt. (Rs.)AssetsAmt. (Rs.)Sundry Creditors35,000Cash in Hand5,000Bills Payable15,000Cash at Bank20,000Capital40,000Sundry Debtors 18,000Stock22,000Furniture8,000Plant17,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯90,000––––––––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯90,000–––––––––––––––– His position at the end of the year is ItemsAmt. (Rs.)Cash in Hand7,000Stock8,600Debtors23,800Furniture15,000Plant20,350Bills Payable20,200Creditors15,000 He withdrew Rs. 500 per month out of which he spent Rs. 1,500 for business purpose. Prepare the statement of profit or loss.

Answer»

Mr. Girdhari Lal does not keep full double entry records. His Balance as on 1st January, 2016 is as follows:

$\begin{matrix} Capital and Liabilities & Amt. (Rs.) & Assets & Amt. (Rs.) Sundry Creditors & 35, 000 & Cash in Hand & 5, 000 Bills Payable & 15, 000 & Cash at Bank & 20, 000 Capital & 40, 000 & Sundry Debtors & 18, 000 Stock & 22, 000 Furniture & 8, 000 Plant & 17, 000 ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 90, 000 - ------ - - ------ - & ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 90, 000 - ------ - - ------ - \end{matrix}$

His position at the end of the year is

$\begin{matrix} Items & Amt. (Rs.) Cash in Hand & 7, 000 Stock & 8, 600 Debtors & 23, 800 Furniture & 15, 000 Plant & 20, 350 Bills Payable & 20, 200 Creditors & 15, 000 \end{matrix}$

He withdrew Rs. 500 per month out of which he spent Rs. 1,500 for business purpose. Prepare the statement of profit or loss.

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