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Mr. Wise keeps his books on Single Entry System and the following information is disclosed from his records: {:(,"As at 1st April, 2018 (Rs.)","As at 31st March, 2019 (Rs.)"),("Balance at Bank","3,150(Cr.)","8,400"),("Stock-in-Trade","22,500","30,000"),("Sundry Debtors","45,000","42,8000"),("Furniture","7,500","7,500"),("Investments","7,500","7,500"),("Cash in Hand","150","600"),("Sundry Creditors","37,5000","40,500"),("Bills Payable","1,500","750"),("Loan from Mr. Faithful","...","4,500"):} Mr. Wise transferred Rs. 375 every month during the first half of the year and Rs. 300 every month for the remaining period from the business to his personal bank account by way of drawings. In addition, he withdrew Rs. 7,500 for his daughter's marriage and Rs. 3,000 for domestic purposes. In September, 2018, he had received a lottery prize of Rs. 6,000, which he invested in the business. He sold his personal car for Rs. 7,000 and the proceeds were utilised for business. He wants his furniture to be depreciated at 10% and a provision for doubtful debts to becreated at 5%. He had not paid two months' salary to his peon @ rs. 225 per month and two month's rent outstanding amounting to Rs. 300Commission earned but not received by him was Rs. 3,600. Prepare Statement of Profit or Loss for the year ended 31st March, 2019.

Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/calculation-907729" style="font-weight:bold;" target="_blank" title="Click to know more about CALCULATION">CALCULATION</a> of <a href="https://interviewquestions.tuteehub.com/tag/opening-1136658" style="font-weight:bold;" target="_blank" title="Click to know more about OPENING">OPENING</a> <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a>: <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C20_S01_010_S01.png" width="80%"/> <br/> Calculation of <a href="https://interviewquestions.tuteehub.com/tag/closing-919708" style="font-weight:bold;" target="_blank" title="Click to know more about CLOSING">CLOSING</a> Capital: <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C20_S01_010_S02.png" width="80%"/></body></html>


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