Question

In: Accounting

Krishna Kulkarni has not kept proper books of accounts prepare the statement of profit or loss for the year ending

Krishna Kulkarni has not kept proper books of accounts prepare the statement of profit or loss for the year ending December 31, 2005 from the following information.

Items Jan 1, 2005 Dec 31, 2005
Cash in hand
Debtors
Creditors
Bills receivable
Bills payable
Car      ------
Stock
Furniture
Investment
Bank Balance
The following adjustments were made
(a) Krishna withdrew cash Rs  per month for private use.
(b) Depreciation @  on car and furniture @ .
(c) Outstanding rent Rs.
(d) Fresh capital introduced during the year Rs .

Solutions

Expert Solution

Statement of Affairs
                                          as on 1st January, 2005

Liabilities Amt.(Rs) Assets Amt.(Rs)
Creditors Cash in hand
Bills Payable Debtors
Capital (Balancing Figure) Bills Receivable
    Car     ---
    Stock
    Furniture
    Investment $$40,000
    Cash at Bank
   


                                       Statement of Affairs
                                  as on 31st December, 2005

Liabilities Amt. (Rs) Assets Amt. (Rs)
Creditors Cash in Hand
Bills Payable Debtors
Outstanding Expenses Bills Receivable
Capital (Balancing Figure) Car              
(-) Depreciation
@         
    Furniture     
(-)Depreciation 
@  
    Investment
    Cash at Bank
    Stock
   


         Statement Showing Profit or Loss for the Year 2005

Particulars Amt. (Rs)
Capital at the end of the year on 31st December 2005
(+) Drawings during the year 
(-) Fresh Capital Introduced during the year


(-) Capital at the Beginning as on 1st Jan 2005
Profit earned during the year 2005

Umair answered 2 years ago
Next > < Previous

Related Solutions

Prepare the projected profit & Loss statement for the year 2021, 2022, and 2023. Please calculate...
Prepare the projected profit & Loss statement for the year 2021, 2022, and 2023. Please calculate the payback period for the frim. Our AAA sightseeing tour plan will start with total capital of 90,000 USD on 2021 January. Projected Costs are as follows Vehicle costs  34000 USD Software & Apps cost 4000 USD Location Rental for 250 USD per month for 3 years contract after first-year rental cost, it will increase 5% for the next coming 2 years. Vehicle Maintenance fees...
Un-jumble the Income statement, put in the proper format, and find the profit or loss. Compute...
Un-jumble the Income statement, put in the proper format, and find the profit or loss. Compute the Break-even Analysis. If profit increased 15,000, how much sales in dollars would need to be generated? If the Avg Sales price is 74.00, how many Units will be needed to break even?   Office Supplies Expense 2,500 Cost of Goods Sold 113,500 Depreciation 5,000 Advertising Expense 17,000 Labor Expense 52,500 (65% Fixed) Benefits Expense 17,500 (65% Fixed) Insurance Expense 3,000 Income Taxes 12,725 Administrative...
Prepare statement of profit and loss and statement of financial position DR CR Prepaid expense 1000...
Prepare statement of profit and loss and statement of financial position DR CR Prepaid expense 1000 account receivable 2200 office supplies 1800 office equipment 15000 cash 5400 accumulated depreciation-office equipment 4000 account payable 900 interest payable 100 salaries payable 1000 loan 2000 service revenue accrual 5000 share capital 12000 retained earning 4400 dividends paid 2000 service revenue 3000 office supplies expense 600 depreciation expense 2500 rent expense 1900
2)    Complete T-Accounts. Proper entries and proper formatting will both be marked. a) Prepare T-Accounts...
2)    Complete T-Accounts. Proper entries and proper formatting will both be marked. a) Prepare T-Accounts only for the following entries.                                                                        Bad Debt Expense      500                         ADA                            500             COGS                         400                         Inventory                     400      b)    Prepare T-Accounts to reflect the entries used to close any of the above balances in the accounts in part a) as required, include the creation of the required interim account used to close out accounts, and the subsequent closing of that account....
Statement of Profit or Loss for years 2016 to 2019 Year 2019 Year 2018 Year 2017...
Statement of Profit or Loss for years 2016 to 2019 Year 2019 Year 2018 Year 2017 Year 2016 $ $ $ $ Sales revenue 1,095,910 1,060,900 1,030,000 1,000,000 Less: Cost of goods sold (895,358) (866,755) (842,540) (820,000) Gross profit 200,552 194,145 187,460 180,000 Other operating expenses (162,877) (161,827) (160,900) (160,000) Income before tax 37,675 32,318 26,560 20,000 Less: Income tax expense (3,768) (3,232) (2,656) (2,000) Net income 33,907 29,086 23,904 18,000 Required: Compute the index-number trend percentages for the accounts...
After closing the revenue and expense accounts, the profit for the year ending December 31, 2017...
After closing the revenue and expense accounts, the profit for the year ending December 31, 2017 of the Mo & Molly partnership is $129,000. The partnership agreement specifies that profits and losses will be shared using the following formula. 1. Allocate salary allowances of $24,000 to Mo and $30,000 to Molly. 2. Remaining profit (loss) is to be shared on a ratio of 2:1. At the beginning of the year, Mo’s capital account had a balance of $45,000 and Molly’s...
Prepare a Statement of Cost of Goods Manufactured for Frank's Furniture for the year ending December...
Prepare a Statement of Cost of Goods Manufactured for Frank's Furniture for the year ending December 2019. Advertising Expense - $ 22250 Depreciation expense – Office Equip - 10,440 Depreciation expense – Selling Equip - 12,125 Depreciation expense – Factory Equip. - 37,400 Direct Labor - 564,500 Factory supervision - 123,400 Factory supplies used (indirect materials) - 8,060 Factory utilities - 39,500 Inventories:   Raw Materials, Dec 31, 2018 - 42,375 Raw Materials, Dec 31, 2019 - 72,430 Goods-in-Process, Dec 31,...
The statement of profit or loss for Blue Cross (Pty) Ltd for the financial year ended...
The statement of profit or loss for Blue Cross (Pty) Ltd for the financial year ended 28 February 2019 is as follows: R Sales (note 1) 2000 000 Cost of sales (800 000) Gross profit 1200 000 Salaries (450 000) Depreciation (note 3) (100 000) Repairs (15 000) Profit from the sale of machinery (note 4) 30 000 Local dividends received 35 000 Interest received 28 000 Profit before tax 728 000 Note 1 Blue Cross (Pty) Ltd received a...
Please construct a Profit & Loss Statement for the first six months of the year 2015,...
Please construct a Profit & Loss Statement for the first six months of the year 2015, on Jeff's Auto Repair with the following information:    Purchase of spare parts                                                                   $65,000    Salary paid to mechanics                                                                $127,000    Commission paid to marketing agents                                        $18,000    Money received for cars repaired                                                  $245,000    Money received for storage of cars                                              $45,000    Sales of tires                                                                                       $84,000    Rent of shop paid to landlord                                                          $28,000    Other expenses paid out                                                                   $23,000    Tax bracket                                                                                            ...
Explain the purpose and use of the Statement of profit or loss, Statement of changes in...
Explain the purpose and use of the Statement of profit or loss, Statement of changes in equity, Statement of financial position (also known as the Balance Sheet) and of the Statement of cash flows. Explain why the Statement of cash flows differs from the Statement of profit or loss (125 words).
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT