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X, a retailer, has not maintained proepr books of accont but it has been possible to obtain the follwoing details: Particulars Last Year (₹) This Year (₹) Trade Creditors ................................................................................ 6,270 5,890 Loan from Naresh ................................................................................ 5,000 5,000 Stock ................................................................................ 12,350 11,980 Cash in Hand ................................................................................ 570 650 Shop Fittings ................................................................................ 7,250 7,800 Trade Debtors ................................................................................ 5,280 4,560 Bank Balance ................................................................................ 3,990 4,130 Calculate the net profit for this year and draft the Statement of Affairs at the end of the year after noting that:(a) Shop Fittings are to be depreciated by ₹ 780.(b) X has drawn ₹ 100 per week for his own use.(c) Included in the Trade Debtors is an irrecoverable balance of ₹ 270.(d) Interest at 5% p.a. is due on the loan from Naresh but has not been paid for the year. |
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Answer» X, a retailer, has not maintained proepr books of accont but it has been possible to obtain the follwoing details:
Calculate the net profit for this year and draft the Statement of Affairs at the end of the year after noting that: (a) Shop Fittings are to be depreciated by ₹ 780. (b) X has drawn ₹ 100 per week for his own use. (c) Included in the Trade Debtors is an irrecoverable balance of ₹ 270. (d) Interest at 5% p.a. is due on the loan from Naresh but has not been paid for the year. |
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