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Question 43 of 50
Q.

(a) David does not keep proper books of accounts. Following details are given from his records.

Particulars1.4.2023 ₹31.3.2024 ₹
Cash43,00029,000
Stock of Goods1,20,0001,30,000
Sundry Debtors84,0001,10,000
Sundry Creditors1,05,0001,02,000
Loan25,00020,000
Business Premises2,50,0002,50,000
Furniture33,00045,000

During the year he introduced further Capital of ₹ 45,000 and withdrew ₹ 2,500 per month from the business for his personal use. Prepare statement of Profit or Loss with the above information.

OR

(b) Mary does not keep her books under double entry system. From the following details prepare Trading and Profit and Loss account for the year ending 31st March 2023 and a Balance Sheet as on that date.

DrCash BookCr
Particulars₹Particulars₹
To Balance b/d1,20,000By Purchases1,50,000
To Sales3,60,000By Creditors2,50,000
To Debtors3,40,000By Wages70,000
By Sundry Expenses1,27,000
By Balance c/d2,23,000
8,20,0008,20,000

Other information :

Particulars1st April 202231st March 2023
Stock of Goods1,10,0001,80,000
Sundry Debtors1,30,000?
Sundry Creditors1,60,00090,000
Furniture and Fittings80,00080,000

Additional Information :

Credit Purchases ₹ 1,80,000; Credit Sales ₹ 2,90,000; Opening Capital ₹ 2,80,000; Depreciate Furniture and Fittings by 10% p.a.

Tamil Nadu DgeTamil Nadu HSC (DGE) Commerce Board 2025Subjective· 5mImportance★★★★★
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(a) Opening capital ₹4,00,000, closing capital ₹4,42,000; profit = 4,42,000 + 30,000 drawings − 45,000 additional capital − 4,00,000 = ₹27,000. (b) Closing debtors ₹80,000 (from total debtors a/c); GP ₹3,20,000, NP ₹1,85,000; balance sheet ₹5,55,000.

(a) David — Statement of Profit or Loss

Statement of Affairs as on 1.4.2023 (opening)

Liabilities₹Assets₹
Sundry creditors1,05,000Cash43,000
Loan25,000Stock of goods1,20,000
Opening capital (bal. fig.)4,00,000Sundry debtors84,000
Business premises2,50,000
Furniture33,000
5,30,0005,30,000

Statement of Affairs as on 31.3.2024 (closing)

Liabilities₹Assets₹
Sundry creditors1,02,000Cash29,000
Loan20,000Stock of goods1,30,000
Closing capital (bal. fig.)4,42,000Sundry debtors1,10,000
Business premises2,50,000
Furniture45,000
5,64,0005,64,000

Statement of Profit or Loss for the year ended 31.3.2024

Particulars₹
Closing capital4,42,000
Add: Drawings (2,500 × 12)30,000
4,72,000
Less: Additional capital introduced45,000
Adjusted closing capital4,27,000
Less: Opening capital4,00,000
Profit for the year27,000

(b) Mary — Trading, P&L and Balance Sheet

Working 1 – Closing debtors (Total Debtors A/c)

Dr₹Cr₹
To Balance b/d1,30,000By Cash (received)3,40,000
To Credit sales2,90,000By Balance c/d (bal. fig.)80,000
4,20,0004,20,000

Working 2 – Totals: Purchases = 1,50,000 (cash) + 1,80,000 (credit) = ₹3,30,000; Sales = 3,60,000 (cash) + 2,90,000 (credit) = ₹6,50,000.

Trading and Profit & Loss A/c for the year ended 31.3.2023

Dr₹Cr₹
To Opening stock1,10,000By Sales6,50,000

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