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X tells you that his capital on 31st December 2016 is Rs 1,87,000 and his capital on 1st January 2016 was Rs 1,92,000. He further informs you that during the year, he gave a loan of Rs 35,000 to his brother on private account and withdrew Rs 3,000 per month for personal purposes, he also used a flat for his personal purposes, the rent of which at the rate of Rs 1,000 per month and electricity charges at an average rate of Rs 100 per month were paid from the business acount. During the year , he sold his 7% government bonds of Rs 20,000 at 2% premium and brought that money into the business. Besides this , there is no other information. You are required to prepare a statement of profit. |
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Answer» X tells you that his capital on 31st December 2016 is Rs 1,87,000 and his capital on 1st January 2016 was Rs 1,92,000. He further informs you that during the year, he gave a loan of Rs 35,000 to his brother on private account and withdrew Rs 3,000 per month for personal purposes, he also used a flat for his personal purposes, the rent of which at the rate of Rs 1,000 per month and electricity charges at an average rate of Rs 100 per month were paid from the business acount. During the year , he sold his 7% government bonds of Rs 20,000 at 2% premium and brought that money into the business. Besides this , there is no other information. You are required to prepare a statement of profit. |
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