Page 7 - HA- SUBJECTIVE - Copy

Question 15:

From the following information relating to the business of Mr. X who keeps books on
Single Entry System, ascertaint the profit or loss for the year 2017–18:

1st 31st

Particulars April March
, 2017 , 2018
(₹) (₹)
Machinery ................................................................................ 8,000 8,000
Furniture ................................................................................ 2,000 2,000
Stock ................................................................................ 7,000 5,000
Sundry Debtors ................................................................................ 4,000 4,500
Bank Balance ................................................................................ 200 1,800
(Cr.) (Dr.)
Sundry Creditors ................................................................................ 5,000 3,500

Mr. X withdrew ₹ 4,100 during the year to meet his household expenses.
He introduced ₹ 300 as fresh capital on 15th January, 2018. Machinery and
Furniture are to be depreciated at 10% and 5% p.a. respectively.