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Mr. White does not keep his books properly. Following information is available from his books. 1-4-2015 31-3-2016 ₹ ₹ Sundry Creditors 45,000 93,000 Loan from wife 66,000 57,000 S. Debtors 22,500 – Land & Building 89,600 90,000 Cash in hand 7,500 8,700 Bank overdraft 25,000 – Furniture 1,300 1,300 Stock 34,000 25,000 During the year Mr. White sold his private car for ₹ 50,000 and invested this amount into the business. He withdrew from the business ₹ 1,500 per month upto 31st October, 2015 and thereafter ₹ 4,500 per month as drawings. You are required to prepare a statement of profit or loss and a statement of affairs as at March 31, 2016. |
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Answer» Mr. White does not keep his books properly. Following information is available from his books.
During the year Mr. White sold his private car for ₹ 50,000 and invested this amount into the business. He withdrew from the business ₹ 1,500 per month upto 31st October, 2015 and thereafter ₹ 4,500 per month as drawings. You are required to prepare a statement of profit or loss and a statement of affairs as at March 31, 2016. |
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