STATEMENT OF AFFAIRS OF MY.X AS
ON 31.03.2012 or 1.04.2011
|
LIABILITIES
|
RS.
|
ASSETS
|
RS.
|
|
Sundry Creditors
Bills Payable
Capital (opening or closing)
B/F
|
Xxxx
Xxxx
xxxx
|
Sundry Debtors
Stock
Cash in Hand
Cash at Bank
Fixed Assets
Bills Receivable
|
Xxxx
Xxxx
Xxxx
Xxxx
Xxxx
xxxx
|
|
Total
|
Xxxx
|
Total
|
xxxx
|
STATEMENT OF PROFIT OR LOSS OF MR.X DURING THE YEAR 2011-12
Closing Capital
xxxxx
Add: Drawings
xxxxx
xxxxx
Less: Additional
Capital
xxxxx
Adjusted Closing
Capital
xxxxx
Less: Opening
Capital xxxxx
Illustration 1
Mr. Pradeep has
a business of selling garments. His final extracts of all accounts are stated
below.
Particulars 1.04.2011 31.03.2012
Sundry Debtors
30000
37000
Stock
15000 18000
Sundry creditors
25000
30000
Cash
10000
12000
Machinery 12000 10800
Furniture
18000
16200
Ascertain the
Opening and Closing capitals and prepare the Statement of profit or loss.
Solution
Calculation of
Opening Capital:
STATEMENT OF AFFAIRS OF MY. Pradeep AS ON 1.04.2011
|
LIABILITIES
|
RS.
|
ASSETS
|
RS.
|
|
Sundry Creditors
Capital (Opeining) B/F
|
25000
60000
|
Sundry Debtors
Stock
Cash
Machinery
Furniture
|
30000
15000
10000
12000
18000
|
|
Total
|
85000
|
Total
|
85000
|
Calculation of
Closing Capital:
STATEMENT OF AFFAIRS OF MY. Pradeep AS ON 1.04.2011
|
LIABILITIES
|
RS.
|
ASSETS
|
RS.
|
|
Sundry Creditors
Capital (Closing) B/F
|
30000
64000
|
Sundry Debtors
Stock
Cash
Machinery
Furniture
|
37000
18000
12000
10800
16200
|
|
Total
|
94000
|
Total
|
94000
|
Calculation of Profit
or Loss
STATEMENT OF PROFIT OR LOSS OF MR. Pradeep DURING THE YEAR 2011-12
Closing Capital
64000
Add: Drawings
nil
64000
Less: Additional
Capital
nil
Adjusted Closing
Capital
64000
Less: Opening Capital
60000
Profit during
2011-12
4000
Illustration 2
Mr. Rahim has a business of selling electrical items. His
final extracts of all accounts are stated below.
Particulars
1.04.2011
31.03.2012
Sundry Creditors 60000 52520
Sundry Debtors 33205 32230
Stock
15315 16212
Cash 15000 21130
Furniture
23000
22500
Mr. Rahim draws
from business for his personal use Rs.1000/- and introduced addition capital of
Rs.1200/-. Ascertain the Opening and
Closing capitals and prepare the Statement of profit or loss.
Solution
Calculation of
Opening Capital:
STATEMENT OF AFFAIRS OF MY. Rahim AS ON 1.04.2011
|
LIABILITIES
|
RS.
|
ASSETS
|
RS.
|
|
Sundry Creditors
Capital (Opeining) B/F
|
60000
28520
|
Sundry Debtors
Stock
Cash
Furniture
|
33205
15315
15000
25000
|
|
Total
|
88520
|
Total
|
88520
|
Calculation of
Closing Capital:
STATEMENT OF AFFAIRS OF MY. Rahim AS ON 1.04.2011
|
LIABILITIES
|
RS.
|
ASSETS
|
RS.
|
|
Sundry Creditors
Capital (Closing) B/F
|
52250
39822
|
Sundry Debtors
Stock
Cash
Furniture
|
32230
16212
21130
22500
|
|
Total
|
92072
|
Total
|
92072
|
Calculation of Profit
or Loss
STATEMENT OF PROFIT OR LOSS OF MR. Rahim DURING THE YEAR 2011-12
Closing Capital
39822
Add: Drawings
1000
40822
Less: Additional Capital
1200
Adjusted Closing
Capital
39622
Less: Opening
Capital
28520
Profit during
2011-12
11102
Illustration 3
Mr. Rahul has a
business of manufacturing plates for domestic use. His final extracts of all
accounts are stated below.
Particulars
1.04.2011
31.03.2012
Sundry Debtors
33429
32114
Stock
22611
21216
Sundry creditors
23347
22120
Cash 14320 16200
Machinery
25700
23130
Furniture
18000 15300
Bills Payable
10200
7220
Bills Receivable
12100
20700
Mr. Rahul draws
Rs.8100/- for his personal uses and introduces Rs.7200/- as additional Capital.
Provision for Depreciation 10% on machinery and 15% on furniture. Ascertain the
Opening and Closing capitals and prepare the Statement of profit or loss.
Solution
Calculation of
Opening Capital:
STATEMENT OF AFFAIRS OF MY. Rahul AS ON 1.04.2011
|
LIABILITIES
|
RS.
|
ASSETS
|
RS.
|
|
Sundry Creditors
Bills Payable
Capital (Opeining) B/F
|
23347
10200
92613
|
Sundry Debtors
Stock
Cash
Machinery
Furniture
Bills Receivable
|
33429
22611
14320
25700
18000
12100
|
|
Total
|
126160
|
Total
|
126160
|
Calculation of
Closing Capital:
STATEMENT OF AFFAIRS OF MY. Rahul AS ON 1.04.2011
|
LIABILITIES
|
RS.
|
ASSETS
|
RS.
|
|
Sundry Creditors
Bills Payable
Capital (Closing) B/F
|
22120
7220
94712
|
Sundry Debtors
Stock
Cash
Machinery 23130
Less: Depreciation
2313
Furniture
15300
Less:Depreciation
2295
Bills Receivable
|
32114
21216
16200
20817
13005
20700
|
|
Total
|
124052
|
Total
|
124052
|
Calculation of Profit
or Loss
STATEMENT OF PROFIT OR LOSS OF MR.Rahul DURING THE YEAR 2011-12
Closing Capital
94712
Add: Drawings
8100
102812
Less: Additional
Capital
7200
Adjusted Closing
Capital
95612
Less: Opening
Capital
92613
Profit during
2011-12
2999
Comments