1.

Hari maintains her books of account on Single Entry System. His books provide the following information: Particulars 1st April, 2017 (₹) 31st March, 2018 (₹) Furniture ............................................................. 2,000 2,000 Stock ............................................................. 28,000 30,500 Sundry Debtors ............................................................. 21,000 34,000 Cash ............................................................. 1,500 2,000 Sundry Creditors ............................................................. 17,500 19,000 Bills Receivable ............................................................. ... 3,000 Loan ............................................................. ... 5,000 Investments ............................................................. ... 10,000 His drawings during the year were ₹ 5,000 Depreciate furniture by 10% and provide a reserve for Bad and Doubtful Debts at 10% on Sundry Debtors.Prepare the statement showing the profits for the year.

Answer» Hari maintains her books of account on Single Entry System. His books provide the following information:



























































Particulars

1st April, 2017

(₹)

31st March, 2018

(₹)

Furniture .............................................................
2,000


2,000

Stock .............................................................
28,000


30,500

Sundry Debtors .............................................................
21,000


34,000

Cash .............................................................
1,500


2,000

Sundry Creditors .............................................................
17,500


19,000

Bills Receivable .............................................................
...


3,000

Loan ............................................................. ... 5,000
Investments .............................................................
...


10,000




His drawings during the year were ₹ 5,000 Depreciate furniture by 10% and provide a reserve for Bad and Doubtful Debts at 10% on Sundry Debtors.

Prepare the statement showing the profits for the year.


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