Mr. Ashok does not keep his books properly. Following information is available from his books.

During the year Mr. Ashok sold his private car for Rs. 50,000 and invested this amount into the business. He withdrew from the business Rs. 1,500 per month upto July 31, 2005 and thereafter Rs. 4,500 per month as drawings. You are required to prepare the statement of profit or loss and statement of affair as on December 31, 2005.

Transcribed Image Text:

Sundry creditors Loan from wife Sundry debtors Land and Building Cash in hand Bank overdraft Furniture Stock Jan. 01, 2005 Rs. 45,000 66,000 22,500 89,600 7,500 25,000 1,300 34,000 Dec. 31, 2005 Rs. 93,000 57,000 90,000 8,700 1,300 25.000