single entry

Mohan haldar started business on 1st January 2011 with a balance at the bank of Rs 10000, of which he borrowed Rs 2000 from Sumit Roy. Mohan haldar did not maintain a complete set of records but on 31st December 2011 a valuation showed the following assets and liabilities:
PARTICULARS AMOUNT (RS)
FURNITURE & FITTINGS 3000
VAN 2250
STOCK IN HAND 4250
TRADE DEBTORS 1350
CASH AT BANK 3250
TRADE CREDITORS 3100

The loan from Sumit Roy was still outstanding and interest at 10% p.a was due to him on this loan .During the year Mohan Haldar had drawn Rs 160 per week for
His personal expenses. From the above information draw up the statement showing the profit or loss for the year ended 31st December 2011 and the statement of affairs on that date.

asked Feb 29, 2016 in Financial Statements from Incomplete Records (Single Entry System) by kenamotiwala (39 points) 862 views

1 Answer

0 votes

In case of any doubt, please don't hesitate to discuss further.

answered Feb 29, 2016 by jbsclasses (3,971 points)
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