Page 31 - Chapter-11.pmd

Accounts from Incomplete Records 467

Stock in trade 80,000 90,000
Sundry debtors 36,000 60,000
Sundry creditors 60,000 40,000
Loan 10,000 8,000
Office equipments 25,000 30,000
Land and Buildings 30,000 20,000
Furniture 10,000 10,000
During the year he introduced Rs. 20,000 and withdrew Rs. 12,000 from the
business. Prepare the statement of profit or loss on the basis of given
information
[Ans : Profit : Rs. 53,500].
10. Mr. Muneesh maintains his books of accounts from incomplete records. His
books provide the information :
Jan. 01, 2013 Dec. 31, 2013
Rs. Rs.
Cash 1,200 1,600
Bills receivable — 2,400
Debtors 16,800 27,200
Stock 22,400 24,400
Investment — 8,000
Furniture 7,500 8,000
Creditors 14,000 15,200
He withdrew Rs. 300 per month for personal expenses. He sold his investment
of Rs. 16,000 at 2% premium and introduced that amount into business.
[Ans : Profit : Rs. 9,780].
11. Mr. Girdhari Lal does not keep full double entry records. His balance as on
January 01, 2013 is as.

Liabilities Amount Assets Amount
Rs. Rs.
Sundry creditors 35,000 Cash in hand 5,000
Bills payable 15,000 Cash at bank 20,000
Capital 40,000 Sundry debtors 18,000
Stock 22,000
Furniture 8,000
Plant 17,000
90,000 90,000

His position at the end of the year is :
Rs.
Cash in hand 7,000
Stock 8,600
Debtors 23,800
Furniture 15,000

2015-16