NCERT Solutions for Class 11-commerce Accountancy Part II Chapter 11 - Accounts from Incomplete Records

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Chapter 11 - Accounts from Incomplete Records Exercise 452

Solution NUM 1

 

Statement of Profit and Loss

Particulars

Rs. 

Capital at the end of the year

5,00,000

Add: Drawings made during the period

3,75,000

Less: Capital in the beginning of the year

(7,50,000)

Less: Additional capital introduced

(50,000)

Profit during the year

75,000

 

 

Chapter 11 - Accounts from Incomplete Records Exercise 453

Solution NUM 5

 

 

Statement of Affairs as on 1/4/ 2016

Liabilities

Rs.

Assets

Rs.

Creditors

5,000

Bills Receivable 

30,000

Bills Payable

10,000

Stock 

5,000

Closing Capital

22,000

Cash 

2,000

 

37,000 

 

37,000 

 

 

 

Statement of Affairs as on 31/03/ 2017

Liabilities

Rs.

Assets

Rs.

Creditors

30,000

Bills Receivable 

50,000

Loan

50,000

Stock 

30,000

Closing Capital

20,000

Cash 

20,000

 

1,00,000 

 

1,00,000 

 

Statement of Profit and Loss 

Particulars 

Rs.

Capital on March 31, 2017

20,000

Less: Capital on April 01, 2016

(22,000)

Loss during the year 

(2,000) 

 

 

 

Solution NUM 6

 

Books of Mrs. Anu

Statement of Affairs as on March 31, 2017

Liabilities

Rs.

Assets

Rs.

Creditors

3,00,000

Cash 

30,000 

10% Loan from Friends

1,00,000

Stock 

4,70,000 

Closing Capital

4,50,000

Debtors 

3,50,000 

 

8,50,000

 

8,50,000 

 

Statement of Profit and Loss as on March 31, 2017 

Particulars 

Rs.

Capital on March 31, 2017

4,50,000 

Add: Drawings during the year (Rs.8,000 × 6)

48,000 

Less: Capital on Oct 01, 2016

(4,00,000) 

Less: Additional capital introduced 

(75,000) 

Mrs. Anu earned profit during the year

23,000 

 

 

Solution NUM 2

 

Books of Manveer

Statement of Affairs as on 31/03/ 2017

Liabilities

Rs.

Assets

Rs.

Loan from Susheel

45,000

Cash 

99,000

Closing Capital

4,07,000

Bills Receivable 

75,000

 

 

Plant 

48,000

 

 

Land and Building 

1,80,000

 

 

Furniture 

50,000

 

4,52,000

 

4,52,000 

 

 

Statement of Profit and Loss as on 31/03/ 2017

Particulars 

Rs.

Capital on March 31, 2017

4,07,000 

Add: Drawings made during the year (Rs.8,000 × 12 months)

96,000 

Less: Capital on April 1, 2016

(4,50,000) 

Profit during the year ended 31.03.2017

53,000

 

 

 

Solution NUM 3

 

Statement of Affairs

Liabilities

Rs.

Assets

Rs.

Sundry Creditors

33,400

Stock 

59,500

Closing Capital

62,700

Sundry Debtors 

25,900

 

 

Business Premises 

8,600

 

 

Machinery 

2,100

 

96,100

 

96,100

 

 

Statement of Profit and Loss 

Particulars 

Rs.

Capital at the end of the year

62,700 

Add: Drawings made during the year

26,400 

Less: Capital of the beginning of the year

(70,000) 

Less: Additional capital introduced during the year 

(17,500) 

Profit during the year 

1,600 

 

 

 

Solution NUM 4

Capital in the beginning = Capital at the end + Drawings - (Fresh Capital Introduced + Profit)

Capital in the beginning =4,00,000 + 60,000 - (1,00,000 + 80,000)= Rs. 2,80,000

 

Chapter 11 - Accounts from Incomplete Records Exercise 454

Solution NUM 7

 

Books of Mr. Arnav

Statement of Affairs at the end of year

Liabilities

Rs.

Assets

Rs.

Creditors

6,00,000 

Bills Receivable 

60,000 

Closing Capital

16,40,000 

Cash in Hand 

80,000 

 

 

Furniture 

9,00,000 

 

 

Building 

10,00,000 

 

 

Stock in Trade 

2,00,000 

 

22,40,000 

 

22,40,000 

 

Statement of Profit and Loss 

Particulars 

Rs.

Capital at the end of the year

16,40,000 

Add: Drawings during the year

80,000 

Less: Capital at the beginning of the year

(15,00,000) 

Less: Further capital introduced 

(3,20,000) 

Mr. Arnav Loss during the year 

1,00,000 

 

 

Solution NUM 8

 

Books of Mr. Akshat 

Statement of Affairs as on 01/4/2016 

Liabilities 

Rs. 

Assets 

Rs. 

Creditors

66,000

Cash in Hand

1,000

Bills Payable

44,000

Cash at Bank

15,000

Closing Capital

1,32,500

Stock

1,00,000

 

 

Debtors

42,500

 

 

Business Premises

75,000

 

 

Furniture

9,000

 

2,42,500

 

2,42,500

 

Statement of Affairs as on 31/3/2017 

Liabilities 

Rs. 

Assets 

Rs. 

Creditors

87,000

Cash in Hand

1,500

Bills Payable

58,000

Cash at Bank

10,000

Closing Capital

1,74,000

Stock

95,000

 

 

Debtors

70,000

 

 

Business Premises

1,35,000

 

 

Furniture

7,500

 

3,19,000

 

3,19,000

 

 

 

 

 

 

Statement of Profit and Loss as on  31/3/2017 

Particulars 

Rs. 

Capital on March 31, 2017

1,74,000

Add: Drawings made during the year

45,000

Less: Capital on April 01, 2016

(1,32,500)

Less: Additional capital introduced

(25,000)

Mr. Akshat earned Profit during the year 

61,500

Solution NUM 9

Books of Gopal 

Statement of Affairs as on 1st April  2016 

Liabilities 

Rs. 

Assets 

Rs. 

Sundry Creditors

60,000

Cash in hand

18,000

Loan

10,000

Cash at bank

1,500

Closing Capital

1,30,500

Stock in trade

80,000

 

 

Sundry Debtors

36,000

 

 

Office Equipments

25,000

   

Land and Buildings

30,000

 

 

Furniture

10,000

 

2,00,500

 

2,00,500

 

Statement of Affairs as on 31st March 2017 

Liabilities 

Rs. 

Assets 

Rs. 

Sundry Creditors

40,000

Cash in hand

12,000

Loan

8,000

Cash at bank

2,000

Closing Capital

1,76,000

Stock in trade

90,000

 

 

Sundry Debtors

60,000

 

 

Office Equipments

30,000

   

Land and Buildings

20,000

 

 

Furniture

10,000

 

2,24,000

 

2,24,000

 

 

 Statement of Profit and Loss as on 31st March, 2017 

Particulars 

Rs. 

Capital on 31st March 2017

1,76,000

Add: Drawing made 

12,000

Less: Capital on 01st April 2016

(1,30,500)

Less: Additional capital introduced

(20,000)

Profit during the year

37,500

 

Note: The right solution in this question is Profit during the year Rs.37,500

Solution NUM 10

Statement of Affairs as on 1st April 2016 

Liabilities 

Rs. 

Assets 

Rs. 

Creditors

14,000

Cash

1,200

Closing Capital

33,900

Debtors

16,800

 

 

Stock

22,400

 

 

Furniture

7,500

 

47,900

 

47,900

 

Statement of Affairs as on March 31, 2017 

Liabilities 

Rs. 

Assets 

Rs. 

Creditors

15,200

Cash

1,600

Closing Capital

56,400

Bills Receivable

2,400

 

 

Debtors

27,200

 

 

Stock

24,400

   

Investment

8,000

 

 

Furniture

8,000

 

71,600

 

71,600

 

Statement of Profit and Loss 

Particulars 

Rs. 

Capital on 31st March 2017

56,400

Add: Drawing made during the year (Rs. 300×12 months)

3,600

Less: Capital on 01st April 2016

(33,900)

Less: Additional Capital Introduced

(16,320)

Profit earned during the year 

9,780

 

 

 

 

 

 

 Working Note:

Additional Capital Introduced Ncert Solutions Cbse Class 11-commerce Accountancy Part II Chapter - Accounts From Incomplete Records 

Chapter 11 - Accounts from Incomplete Records Exercise 455

Solution NUM 11

Books of Mr. Girdhari Lal 

Statement of Affairs as on 31st March 2017 

Liabilities 

Rs. 

Assets 

Rs. 

Bills Payable

20,200

Cash in Hand

7,000

Creditors

15,000

Stock

8,600

Closing Capital

39,550

Debtors

23,800

 

 

Furniture

15,000

 

 

Plant

20,350

 

 

 

 

 

74,750

 

74,750

 

Statement of Profit and Loss 

Particulars 

Rs. 

Capital at the end of the year

39,550

Add: Drawings (Rs. 500 × 12)

6,000

Less: Capital at the beginning of the year 2013

(40,000)

Less: Additional capital introduced

(1,500)

Profit earned during the year 2013

4,050

Chapter 11 - Accounts from Incomplete Records Exercise 456

Solution NUM 12

Statement of Affairs as on 1st April 2016 

Liabilities 

Rs. 

Assets 

Rs. 

Sundry Creditors

45,000

Sundry Debtors

22,500

Loan from Wife

66,000

Land and Building

89,600

Bank Overdraft

25,000

Cash in Hand

7,500

Closing Capital

18,900

Furniture

1,300

 

 

Stock

34,000

 

 

 

 

 

1,54,900

 

1,54,900

 

Statement of Affairs as on 31st March 2017 

Liabilities 

Rs. 

Assets 

Rs. 

Sundry Creditors

93,000

Land and Building

90,000

Loan from Wife

57,000

Cash in Hand

8,700

 

 

Furniture

1,300

 

 

Stock

25,000

 

 

Closing Capital

25,000

 

1,50,000

 

1,50,000

 

 

 

 

Statement of Profit and Loss 

Particulars 

Rs. 

Capital on March 31, 2017

(25,000)

Add: Drawings (Rs. 1,500 × 7) + (4,500 × 5)

33,000

Less: Capital on April 01, 2016

(18,900)

Less: Additional capital introduced (sale of car)

(50,000)

Loss during the year 

(60,900)

 

Solution NUM 13

Books of Krishna Kulkarni 

Statement of Affairs as on 1st April 2016 

Liabilities 

Rs. 

Assets 

Rs. 

Creditors

10,000

Cash in Hand

10,000

Bills Payable

4,000

Debtors

20,000

Closing Capital

2,24,000

Bills Receivable

20,000

 

 

Stock

40,000

 

 

Furniture

8,000

 

 

Investment

40,000

   

Cast at Bank

1,00,000

 

2,38,000

 

2,38,000

 

 

 

 

 Statement of Affairs as on 31st March 2017

Liabilities 

Rs. 

Assets 

Rs. 

Creditors

46,000

Cash in Hand

 

36,000

Bills Payable

42,000

Debtors

 

80,000

Outstanding Expenses

6,000

Bills Receivable

 

24,000

Closing Capital

3,35,200 

Car

80,000

 

 

 

 

Less: Depreciation 5%

(4,000)

76,000

 

 

Stock

 

30,000

 

 

Furniture

48,000

 

 

 

 

Less: Depreciation 10%

4,800

43,200

   

Investment

 

50,000

 

 

Cast at Bank

90,000

 

4,29,200

 

4,29,200

 

 

Statement of Profit and Loss 

Particulars 

Rs. 

Capital on 31st March 2017

3,35,200

Add: Drawings made during the year (Rs. 5,000 × 12)

60,000

Less: Capital on 01st April 2016

(2,24,000)

Less: Fresh capital introduced during the year 

(30,000)

Profit earned during the year 

1,41,200

 

Chapter 11 - Accounts from Incomplete Records Exercise 457

Solution NUM 14

 Statement of Affairs as on 31st March 2016 

Liabilities 

Rs. 

Assets 

Rs. 

Bank Overdraft

30,000

Cash in Hand

6,000

Sundry Creditors

26,000

Stock

50,000

Bills Payable

6,000

Sundry Debtors

60,000

Closing Capital 

1,82,000

Furniture

40,000

 

 

Bills Receivable

8,000

 

 

Machinery

50,000

   

Investment

30,000

 

2,44,000

 

2,44,000

 

 

Statement of Affairs as on 31st March 2017 

Liabilities 

Rs. 

Assets 

Rs. 

Sundry Creditors

40,000

Cash in Hand

 

24,000

Bills Payable

12,000

Stock

 

80,000

Outstanding Salary

2,400

Sundry Debtors

1,40,000

 

Closing Capital

4,33,400

 

Less: Bad-debt

2,000

 
     

Less: 5% Provision

(6,900)

1,31,100

   

Furniture

60,000

 
     

Less: Depreciation 10%

(6,000)

54,000

   

Bills Receivable

28,000

   

Machinery

1,00,000

 
     

Less: Depreciation10%

(10,000)

90,000

       
   

Investment

80,000

   

Prepaid Insurance

700

 

4,87,800

 

4,87,800

             

 

Statement of Profit and Loss 

Particulars 

Rs. 

Capital on March 31, 2017

4,33,400

Add: Drawings made during the year (Rs. 10,000 × 12)

1,20,000

Less: Capital on March 31, 2016

(1,82,000)

Less: Fresh capital introduced during the year 

(2,00,000)

Profit earned during the year 

1,71,400

 

Note: As per this Question correct answer is Profit earned during the year 2013 Rs.1,71,400. While, according to the book solution is Profit earned during the year 2013 Rs.1,71,300  

Solution NUM 15

Creditors Account 

Dr. 

Cr. 

Particulars 

Rs. 

Particulars 

Rs. 

Discount Received

26,000

By Balance b/d

1,80,425

Return Outwards

37,200

Purchases - credit

7,57,000

Bills accepted

1,99,000

(8,97,000 - 1,40,000)

 

Bills Receivable

(endorsed to creditors)

26,000

 

 

Balance c/d

2,09,050

 

 

Cash/Bank

4,40,175

 

 

 

9,37,425

 

9,37,425

         

 

 

 

 

 

 

 

 

 

Solution NUM 16

Creditors Account 

Dr. 

Cr. 

Particulars 

Rs. 

Particulars 

Rs. 

Cash

1,80,000

Balance b/d

45,000

Bank

60,000

Bills Payable (dishonored)

3,000

Discount Received

5,400

Bills Receivable (dishonored)

1,800

Bills Payable(accepted)

12,750

Purchases credit (Bal. fig.)

2,56,350

Return Outwards

7,500

   

Bills Receivable

 (endorsed to creditors)

4,500

   

Balance c/d

36,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,06,150

 

3,06,150

         

 

Chapter 11 - Accounts from Incomplete Records Exercise 458

Solution NUM 17

Creditors Account 

Dr. 

Cr. 

Particulars 

Rs. 

Particulars 

Rs. 

Cash

1,51,000

Balance b/d

30,000

Return Outwards

6,000

Purchases - credit (Bal. Fig)

2,01,500

Bills Payable (accepted)

54,500

 

 

Balance c/d

20,000

 

 

 

 

 

 

 

2,31,500

 

2,31,500

         

 

 

 

 

 

 Bills Payable Account 

Dr. 

Cr. 

Particulars 

Rs. 

Particulars 

Rs. 

Cash

44,500

Balance b/d

25,000

Balance c/d

35,000

Creditors (Bal. fig.)

54,500

 

79,500

 

79,500

         

 

Total Purchases = Cash Purchases + Credit Purchases (as per Creditors Account)

= 1,29,000 + 2,01,500= Rs. 3,30,500 

 

Solution NUM 18

Creditors Account 

Dr. 

Cr. 

Particulars 

Rs. 

Particulars 

Rs. 

Cash

30,000

Balance b/d

60,000

Purchases Return

12,000

Bill dishonored 

8,000

Bill matured (accepted)

27,000

Purchases - credit (Bal. Fig)

37,000

Balance c/d

36,000

 

 

 

1,05,000

 

1,05,000

         

 

Solution NUM 19

Bills Payable Account 

Dr. 

Cr. 

Particulars 

Rs. 

Particulars 

Rs. 

Creditors (dishonoured)

28,000

Balance b/d

1,80,000

Cash/Bank

50,000

Creditors (Bal. fig.)

1,18,000

Balance c/d

2,20,000

 

 

 

 

 

 

 

2,98,000

 

2,98,000

         

 

Solution NUM 20

Bills Payable Account 

Dr. 

Cr. 

Particulars 

Rs. 

Particulars 

Rs. 

Creditors (Bill dishonoured)

37,000

Balance b/d

70,000

Cash/Bank (Bal. fig.)

38,000

Creditors (accepted)

90,000

Balance c/d

85,000

 

 

 

1,60,000

 

1,60,000

 

 

 

 

 

 

 

Note: A Bills Matured during the year is Rs.38,000. 

Solution NUM 21

 

Bills Payable Account 

Dr. 

Cr. 

Particulars 

Rs. 

Particulars 

Rs. 

Creditors (dishonoured)

17,000

Creditors (accepted)

1,05,000

Cash/Bank (Bal. fig.)

88,000

 

 

 

 

 

 

 

1,05,000

 

1,05,000

         

 

 

 

Account Payable Account 

Dr. 

Cr. 

Particulars 

Rs. 

Particulars 

Rs. 

Discount Received

17,000

Purchases Credit

2,15,000

Purchases Return

9,000

Bills Payable (dishonoured)

17,000

Cash

50,000

Balance b/d (Bal. Fig.)

79,000

Bills Receivable (endorsed)

45,000

   

Bills Payable (acceptance)

1,05,000

 

 

Balance c/d

85,000

 

 

 

3,11,000

 

3,11,000

         

 

 

Chapter 11 - Accounts from Incomplete Records Exercise 459

Solution NUM 22

Bills Receivable Account 

Dr. 

Cr. 

Particulars 

Rs. 

Particulars 

Rs. 

Balance b/d

75,000

Debtors (dishonoured)

25,000

Debtors (Bal. fig.)

1,60,000

Cash/Bank (honored)

1,30,000

 

 

Creditors (endorsed)

15,000

   

Balance c/d

65,000

 

 

 

 

 

2,35,000

 

2,35,000

         

 

Note: A Bills Receivable during the year is Rs.1,60,000. 

Solution NUM 23

Bills Receivable Account 

Dr. 

Cr. 

Particulars 

Rs. 

Particulars 

Rs. 

Balance b/d

1,20,000

Cash/Bank (honored)

1,85,000

Debtors (bills Receivable)

1,50,000

Creditors (endorsed)

22,800

 

 

Balance c/d

50,700

   

Debtors (dishonoured) (Bal. Fig.)

11,500

 

 

   

 

 

 

 

 

2,70,000

 

2,70,000

         

 

Note: The amount of bills receivable dishonoured is Rs.11,500. 

Solution NUM 24

Debtors Account 

Dr. 

Cr. 

Particulars 

Rs. 

Particulars 

Rs. 

Balance b/d

45,000

Discount Allowed

2,500

Bills Receivable (dishonoured)

3,000

Sales Returns

8,500

Bank (dishonoured)

7,700

Bad-debts (irrecoverable )

4,000

Sales Credit (Bal. fig.)

2,82,300

Bills Receivable (received)

12,000

   

Cash

2,30,000

 

 

Bank

25,000

 

 

Balance c/d

56,000

 

3,38,000

 

3,38,000

         

Credit sales is Rs. 2,82,300

Total Sales= Cash Sales + Credit Sales

= 80,000 + 2,82,300= Rs. 3,62,300 

 

Solution NUM 25

 

Debtors Account 

Dr. 

Cr. 

Particulars 

Rs. 

Particulars 

Rs. 

Balance b/d

1,80,000

Return Inwards

78,000

Sales Credit

14,50,000 

Discount Allowed 

55,000

   

Cash

10,25,000 

   

Bad debt (irrecoverable) 

10,000

   

Bills Receivable (received) 

1,61,000 

 

 

Balance c/d (Bal. fig.) 

3,01,000 

 

16,30,000

 

16,30,000

         

 

 

 

 

 

 

Bills Receivable Account 

Dr. 

Cr. 

Particulars 

Rs. 

Particulars 

Rs. 

Balance b/d

55,000

Cash (Bills matured)

80,500

Debtors (Bal. fig.)

1,61,000 

Creditors (endorsed)

60,000

 

 

Balance c/d

75,500

   

 

 

 

 

 

 

 

2,16,000

 

2,16,000

         

 

The Bills Receivable Account (received) = Rs.1,61,000.

Total debtors account for the year ended December 31, 2013(closing balance)= Rs.3,01,000.

 

Chapter 11 - Accounts from Incomplete Records Exercise 460

Solution NUM 26

Debtors Account 

Dr. 

Cr. 

Particulars 

Rs. 

Particulars 

Rs. 

Balance b/d

14,00,000

Cash

10,75,000

Bank( dishonored)

27,000

Bank

8,25,000

Bills Receivable (dishonoured)

40,000

Discount Allowed

37,500

Sales-Credit (Bal. fig.)

6,21,000

Bad debt (irrecoverable)

17,500

 

 

Return Inwards

28,000

   

Bills Receivable (received)

1,05,000

 

20,88,000

 

20,88,000

 

 

Bills Receivable Account 

Dr. 

Cr. 

Particulars 

Rs. 

Particulars 

Rs. 

Balance b/d

7,00,000

Cash (Bill matured)

2,80,000

Debtors (received)

1,05,000

Bank (endorsed)

65,000

 

 

Creditors (endorsed)

70,000

   

Balance c/d

3,50,000

 

 

Debtors (Bal. fig.)

40,000

 

8,05,000

 

8,05,000

 

Solution NUM 27

Sundry Debtors Account 

Dr. 

Cr. 

Particulars 

Rs. 

Particulars 

Rs. 

Balance b/d (Bal. Fig.)

54,000

Discount Allowed

2,500

Bills Receivable (dishonoured)

3,500

Bills Receivable (received)

75,000

Sales-Credit

3,15,000

Cash

2,20,000

   

Balance c/d

75,000

 

3,72,500

 

3,72,500

         

 

Sundry Creditors Account 

Dr. 

Cr. 

Particulars 

Rs. 

Particulars 

Rs. 

Discount Received

1,500

Balance b/d

50,000

Cash

1,35,000

Purchases credit

2,95,000

Bills Payable (accepted)

30,000

 

 

Balance c/d (Bal. fig.)

1,78,500

 

 

 

 

 

 

 

3,45,000

 

3,45,000

         

Opening Balance of debtors = Rs.54,000

Closing Balance of creditors= Rs.1, 78,500.

Working Note:

Cost of Goods Sold = Opening Stock + Purchases- Closing Stock

= 30,000 + 2,95,000 -25,000 = Rs. 3,00,000 

 

 

Let sales be 100%

(i)

Sales = Cost of Goods sold + Gross Profit

100% = Cost of Goods sold + 25%

Cost of Goods Sold= 100% - 25% = 75% 

(ii)

Sales = Cost of Goods Sold + Gross Profit 

 = 3,00,000 + 1,00,000 = Rs. 4,00,000 

(iii)

Total Sales = Cash Sales + Credit Sales

4,00,000 = 85,000 + Credit Sales

Credit Sales= 4,00,000 - 85,000 = Rs. 3,15,000 

 

 

Chapter 11 - Accounts from Incomplete Records Exercise 461

Solution NUM 28

Books of Mrs. Bhavana 

Debtors Account 

Dr. 

Cr. 

Particulars 

Rs. 

Particulars 

Rs. 

Balance b/d

55,000

Cash

1,20,000

Sales-Credit

1,50,000

Balance c/d

85,000

 

 

 

 

 

2,05,000

 

2,05,000

         

 

 

Creditors Account 

Dr. 

Cr. 

Particulars 

Rs. 

Particulars 

Rs. 

Cash

53,000

Balance b/d

22,000

Balance c/d

29,000

Purchases-Credit

60,000

 

82,000

 

82,000

         

 

 

 

 

Statement of Affairs as on April.01, 2016 

 
 

Particulars 

Rs. 

Particulars 

Rs. 

Creditors

22,000

Debtors

55,000

Capital (Bal. fig.)

5,00,000

Stock

35,000

 

 

Plant

1,00,000

 

 

Machinery

50,000

 

 

Land and Building

2,50,000

 

 

Investment

20,000

 

 

Cash

12,000

 

 

 

 

 

5,22,000

 

5,22,000

 

Trading Account

As on March 31, 2017 

Dr. 

Cr. 

Particulars 

Rs. 

Particulars 

Rs. 

Opening Stock

35,000

Sales

1,50,000

Purchases

60,000

Closing Stock

70,000

Wages

30,000

 

 

Gross Profit c/d

95,000

 

 

 

 

 

 

 

2,20,000

 

2,20,000

         

 

 

Profit and Loss Account

As on March 31, 2017

Dr. 

Cr. 

Particulars 

Rs. 

Particulars 

Rs. 

Business Expenses

12,000

Gross Profit b/d

95,000

Depreciation on Plant

10,000

 

 

Depreciation on Building

25,000

 

 

Depreciation on Machine

2,500

   

Provision for Doubtful Debts

4,250

   

Net Profit c/d

41,250

   
 

95,000

 

95,000

         

 

Balance Sheet

as on 31st March 2017

Liabilities 

Rs. 

Assets 

Rs. 

Capital

5,00,000

 

Debtors

85,000

 

Add: Net Profit

41,250

 

Less: 5% Provision B. D.

(4,250)

80,750

Add: Future capital

20,000

 

Stock

 

70,000

Less: Drawing

(15,000) 

5,46,250

Plant

1,00,000

 

Creditors

 

29,000

Less: Deprecation 10%

(10,000)

90,000

 

 

 

Machinery

50,000

 
 

 

 

Less: Deprecation 5%

(2,500)

47,500

 

 

 

Building

2,50,000

 
 

 

 

Less: Deprecation 10%

(25,000)

2,25,000

 

 

 

Investment

20,000

 

 

 

Cash in Hand

7,000

 

 

 

Cash at Bank

35,000

 

 

     
 

 

5,75,250

 

5,75,250