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11. Mr. A does not maintain complete double entry books of accounts. From the following details determine theprofits for the year and Statement of Affairs at the end of the year.1,000 (cost) furniture was sold for 75,000 on 1.1.1997; 10% depreciation is to be charged on furniture. Mr. Ahas drawn 1,000 per month. * 2,000 was invested by Mr. A in 1997 :1.1.199731.12.1997₹Stock40,00060,000Debtors30,00040,000Cash2,0001,000Bank10,0005,000 (O.D.)Creditors15,00025,000Outstanding Expenses5,0008.000Furniture (cost)3,0002,000bank balance on 1.1.1997 is as per cash book ,but the bank overdraft on 31.12.1997 is as per bank statement rs. 2000 cheques drawn in December ,1997 have not been encashed within the year​

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Answer:

  • Calculate profit on loss for the period. ... Question 1: FOLLOWING information of an accounting year is given: Opening ... Vikas maintains his BOOKS of account on Single Entry System. ... Closing Statement of Affairs. Dr . Cr.

Explanation:

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