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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 1 year ago
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