Question 48 of 50
Q.
Following are the balances in the books of Thomas as on 31st March 2019.
| Particulars | ₹ | Particulars | ₹ |
|---|---|---|---|
| Sundry creditors | 6,00,000 | Bills payable | 1,20,000 |
| Furniture | 80,000 | Cash in hand | 20,000 |
| Land and building | 3,00,000 | Bills Receivable | 60,000 |
| Sundry debtors | 3,20,000 | Stock | 2,20,000 |
Prepare a Statement of affairs as on 31st March 2019 and calculate capital as at that date.
Puducherry TnboardTamil Nadu HSC (DGE) Commerce Board 2026Subjective· 3mImportance★★★★★
96% · 48/50 Questions
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Start your 14-day free trial to unlock the full solution →Statement of Affairs: assets ₹10,00,000, liabilities ₹7,20,000, so capital (balancing figure) = ₹2,80,000.
Method (TN HSC Class-12 Accountancy — Accounts from Incomplete Records): Under single entry, capital is found by preparing a Statement of Affairs — a statement of all assets and liabilities on a given date; Capital = Assets − Liabilities.
Statement of Affairs of Thomas as on 31st March 2019
| Liabilities | ₹ | Assets | ₹ |
|---|---|---|---|
| Sundry creditors | 6,00,000 | Land and building | 3,00,000 |
| Bills payable | 1,20,000 | Furniture | 80,000 |
| Capital (balancing figure) | 2,80,000 | Sundry debtors | 3,20,000 |
| Stock | 2,20,000 | ||
| Bills receivable | 60,000 | ||
| Cash in hand | 20,000 |
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