Page 29 - Chapter-11.pmd

Accounts from Incomplete Records 465

Drawings made during the period 3,75,000
Additional Capital introduced 50,000
[Ans : Profit : Rs. 75,000].
2. Manveer started his business on January 01, 2013 with a capital of
Rs. 4,50,000. On December 31, 2013 his position was as under:
Rs.
Cash 99,000
Bills receivable 75,000
Plant 48,000
Land and Building 1,80,000
Furniture 50,000
He owned Rs. 45,000 from his friend Susheel on that date. He withdrew
Rs. 8,000 per month for his household purposes. Ascertain his profit or loss
for this year ended December 31, 2013
[Ans : Profit : Rs.53,000].
3. From the information given below ascertain the profit for the year :
Rs.
Capital at the beginning of the year 70,000
Additional capital introduced during the year 17,500
Stock 59,500
Sundry debtors 25,900
Business premises 8,600
Machinery 2,100
Sundry creditors 33,400
Drawings made during the year 26,400
[Ans : Profit : Rs.1,600].
4. From the following information, Calculate Capital at the beginning :
Rs.
Capital at the end of the year 4,00,000
Drawings made during the year 60,000
Fresh Capital introduce during the year 1,00,000
Profit of the current year 80,000
[Ans : Capital at thé beginning of the year : Rs.2,60,000].
5. Following information is given below : calculate the closing capital
Jan. 01, 2013 Dec. 31, 2013
Rs. Rs.
Creditors 5,000 30,000
Bills payable 10,000 —
Loan — 50,000
Bills receivable 30,000 50,000
Stock 5,000 30,000
Cash 2,000 20,000
[Ans : Closing capital : Rs.20,000].
Calculation of profit or loss and ascertainment of statement of affairs at
the end of the year (Opening Balance is given)
6. Mrs. Anu started firm with a capital of Rs. 4,00,000 on 1st July 2013. She
borrowed from her friends a sum of Rs. 1,00,000 @ 10% per annum (interest

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