Page 9 - HA- SUBJECTIVE - Copy

ascertain profit on loss made by him during the year 2017–18.
Adjustments:
(a) Plant is to be depreciated at 10%.
(b) A provision of 5% is to be made against debtors, Also prepare the
Statement of Affairs as on 31st March, 2018.

Question 18:

C maintains his books according to Single Entry System. Following figures were available
from the books for the six months ended 31 December 2017:
st

31st
1st July,
Particulars 2017 Dec.
2017
(₹)
(₹)
Plant and Machinery 1,50,000 1,40,000
Debtors 65,000 60,000
Cash and Bank Balances 25,000 31,000
Stock 40,000 45,000
Creditors 9,000 10,000

Adjustments:
(a) He had withdrawn ₹ 200 in the beginning of every month for household purposes.
(b) Depreciation on Plant and Machinery @ 10% p.a.
(c) Further Bad Debts ₹ 5,000 and Provision for Doubtful Debts to be created @ 2%.
(d) During the period, salaries have been prepaid by ₹ 500 while wages outstanding were ₹
1,000.
(e) Interest on drawings to be reckoned @ 6% p.a.
You are required to prepare the Statement of Profit or Loss for the half year ended
31 December, 2017, followed by Revised Statement of Affairs as on that date.
st

Question 19:

A firm sells goods at a Gross profit of 25% of sales. On 1st April, 2017 the Stock
was ₹40,000; Purchases were ₹1,10,000 and the Stock on 31st March, 2018 was ₹30,000. What was

Question 20:

A firm sells goods at Cost plus 25%. Sales to credit customers (3/4 of total) was ₹
1,80,000. His Opening and Closing Stocks were ₹ 20,000 and ₹ 15,000 respectively.
Find out the value of Purchases.

Question 21:

Calculate Stock in the beginning:

₹