Page 3 - HA- SUBJECTIVE - Copy

Question 9:

Ram Prashad keeps his books on Single Entry System and from them and the
particulars supplied, the following figures were gathered together on 31 March, 2018
st

Book Debts ₹ 10,000; Cash in Hand ₹ 510; Stock-in-Trade (estimated) ₹ 6,000; Furniture
and Fittings ₹ 1,200; Trade Creditors ₹ 4,000; Bank Overdraft ₹ 1,000; Ram Prashad
stated that he started business on 1 April with cash ₹ 6000 paid into bank but stocks
st
valued at ₹ 4,000. During the year he estimated his drawings to be ₹ 2,400. You are
required to prepare the statement, showing the profit for the year, after writing off 10% for
Depreciation on Furniture and Fittings.

Shruti maintains her books of account from Incomplete Records. Her books provide the
following information:

1st April, 31st March, 2016
2015 (₹)
(₹)
Cash 1,200 1,600
Bills Receivable … 2,400
Debtors 16,800 27,200
Stock 22,400 24,400
Investments … 8,000
Furniture 7,500 8,000
Creditors 14,900 11,600

She withdrew ₹ 500 per month for personal expenses. She sold her
Investments of ₹ 16,000 at 5% premium and introduced the amount into
business.
You are required to prepare a Statement of Profit or Loss for the year
ending 31st March, 2016.