1.

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.

Answer» 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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