Page 8 - HA- SUBJECTIVE - Copy

Question 16:

X, a retailer, has not maintained proepr books of accont but it has been possible to
obtain the follwoing details:

Last This
Particulars Year Year
(₹) (₹)
Trade Creditors ................................................................................ 6,270 5,890
Loan from Naresh ................................................................................ 5,000 5,000
Stock ................................................................................ 12,35 11,98
0 0
Cash in Hand ................................................................................ 570 650
Shop Fittings ................................................................................ 7,250 7,800
Trade Debtors ................................................................................ 5,280 4,560
Bank Balance ................................................................................ 3,990 4,130

Calculate the net profit for this year and draft the Statement of Affairs at the
end of the year after noting that:
(a) Shop Fittings are to be depreciated by ₹ 780.
(b) X has drawn ₹ 100 per week for his own use.
(c) Included in the Trade Debtors is an irrecoverable balance of ₹ 270.
(d) Interest at 5% p.a. is due on the loan from Naresh but has not been
paid for the year.

Question 17:

On 1st April, 2017, X started a business with ₹ 40,000 as his capital. On 31st March,
2018, his position was as follows:

Particulars
(₹)
Creditors ................................................................................ 30,000
Bills ................................................................................ 10,000
Payable
Bank ................................................................................ 10,000
Debtors ................................................................................ 50,000
Stock ................................................................................ 40,000
Plant ................................................................................ 68,000
Furniture ................................................................................ 12,000

During the year 2017–18, X drew ₹ 24,000. On 1st October, 2017, he
introduced further capital amounting to ₹ 30,000. You are required to