Page 6 - HA- SUBJECTIVE - Copy

Question 13:

Following information is supplied to you by a shopkeeper:

1st 31st

Particulars April, March
2017 , 2018
(₹) (₹)
Cash ................................................................................ 6,000 7,000
Sundry Debtors ................................................................................ 68,00 64,000
0
Stock ................................................................................ 59,00 87,000
0
Furniture ................................................................................ 15,00 13,500
0
Sundry Creditors ................................................................................ 20,00 18,000
0
Bills Payable ................................................................................ 15,00 11,000
0

During the year, he withdrew ₹ 2,500 per month for dometstic purposes. He
also borrowed from a friend at 9% a sum of ₹ 20,000 on 1st October, 2017.
He has not yet paid the interest. A provision of 5% on debotrs for doubtful
debts is to be made.
Ascertain the profit or loss made by him during the period.

Question 14:

Vikas is keeping his accounts according to Single Entry System. His capital on 31st
December, 2015 was ₹ 2,50,000 and his capital on 31st December, 2016 was ₹
4,25,000. He further informs you that during the year he gave a loan of ₹ 30,000 to his
brother on private account and withdrew ₹ 1,000 per month for personal purposes. He
used a flat for his personal purpose, the rent of which @ ₹ 1,800 per month and
electricity charges at an average of 10% of rent per month were paid from the business
account. During the year he sold his 7% Government Bonds of ₹ 50,000 at 1% premium
and brought that money into the business.
Prepare a Statement of Profit or Loss for the year ended 31st December, 2016.