On 1st April, 2018, X started a business with Rs. 40,000 as his capital. On 31st March, 2019, his position was as follows: {:(,," Rs."),("Creditors","....................................................","30.000"),("Bills Payable","....................................................","10,000"),("Bank","....................................................","10,000"),("Debtors","....................................................","50,000"),("Stock","....................................................","40,000"),("Plant","....................................................","68,000"),("Furniture","....................................................","12,000"):} During the year 2018-19, X drew Rs. 24,000. On 1st October, 2018, he introduced further capital amounting to Rs. 30,000. You are required to ascertain proffit or loss made by him during the year 2018-19. Adjustments: (a) Plant is to be depreciated to 10%. (b) A provision of 5% is to be made against debtors. Also prepare the Statement of Affairs as on 31st March, 2019.

On 1st April, 2018, X started a business with Rs. 40,000 as his capita

1.	On 1st April, 2018, X started a business with Rs. 40,000 as his capital. On 31st March, 2019, his position was as follows: {:(,," Rs."),("Creditors","....................................................","30.000"),("Bills Payable","....................................................","10,000"),("Bank","....................................................","10,000"),("Debtors","....................................................","50,000"),("Stock","....................................................","40,000"),("Plant","....................................................","68,000"),("Furniture","....................................................","12,000"):} During the year 2018-19, X drew Rs. 24,000. On 1st October, 2018, he introduced further capital amounting to Rs. 30,000. You are required to ascertain proffit or loss made by him during the year 2018-19. Adjustments: (a) Plant is to be depreciated to 10%. (b) A provision of 5% is to be made against debtors. Also prepare the Statement of Affairs as on 31st March, 2019.
Answer» <html><body><p><br/></p>Answer :<a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> - Rs. 84,700; Adjusted <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> (<a href="https://interviewquestions.tuteehub.com/tag/31st-307147" style="font-weight:bold;" target="_blank" title="Click to know more about 31ST">31ST</a> <a href="https://interviewquestions.tuteehub.com/tag/march-554922" style="font-weight:bold;" target="_blank" title="Click to know more about MARCH">MARCH</a>, 2019) - Rs. 1,30,700; Total of <a href="https://interviewquestions.tuteehub.com/tag/statement-16478" style="font-weight:bold;" target="_blank" title="Click to know more about STATEMENT">STATEMENT</a> of Affairs as on 31st March, 2019 - Rs. 1,70,7000.</body></html>

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