Mr. John keeps his books according to single entry system. Following are the details of his...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Mr. John keeps his books according to single entry system. Following are the details of his business: 01.04.2012 31.03.2013 Particulars Amount (Rs.)Amount (Rs.) 70,000 10,000 Stock 36,000 Sundry debtors 72,200 Cash in hand 3,000 Cash at bank 42,000 Sundry creditors54,500 Machinery Furniture 70,000 20,000 42,000 88,400 4,100 52,300 60,400 Addition information: (1) Mr. John had introduced Rs. 20,000 as additional capital on 1st October, 2012. (2) Mr. John had withdrawn Rs. 15,000 for his personal use during the year. (3) Additions to furniture were made on 1st October, 2012. (4) Deprecate machinery at 10% p.a. and further at 20% p.a. Prepare: (1) Opening and closing Statement of Affairs. (2) Statement of Profit or Loss for the year ending on 31st March, 2013. Mr. John keeps his books according to single entry system. Following are the details of his business: 01.04.2012 31.03.2013 Particulars Amount (Rs.)Amount (Rs.) 70,000 10,000 Stock 36,000 Sundry debtors 72,200 Cash in hand 3,000 Cash at bank 42,000 Sundry creditors54,500 Machinery Furniture 70,000 20,000 42,000 88,400 4,100 52,300 60,400 Addition information: (1) Mr. John had introduced Rs. 20,000 as additional capital on 1st October, 2012. (2) Mr. John had withdrawn Rs. 15,000 for his personal use during the year. (3) Additions to furniture were made on 1st October, 2012. (4) Deprecate machinery at 10% p.a. and further at 20% p.a. Prepare: (1) Opening and closing Statement of Affairs. (2) Statement of Profit or Loss for the year ending on 31st March, 2013.
Expert Answer:
Answer rating: 100% (QA)
Opening Statement of Affairs As on 142012 Liabilities Amount Assets Amount Capital ... View the full answer
Related Book For
Construction accounting and financial management
ISBN: 978-0135017111
2nd Edition
Authors: Steven j. Peterson
Posted Date:
Students also viewed these accounting questions
-
3. Notes payable. Red Bank Enterprises was involved in the following transactions during the fiscal year ended October 31: Aug. Oct. 2 20 Sept. 10 11 10 11 31 Borrowed $75,000 from the Bank of...
-
Your company needs to purchase a truck and has narrowed the selection to two pieces of equipment. The first truck costs $70,000 and has an hourly operation cost of $13.00 and a useful life of six...
-
A forklift truck costs $29,000. A company agrees to purchase such a truck with the understanding that it will make a single payment for the balance due in 3 years. The vendor agrees to the deal and...
-
According to a study performed by the NCAA, the average rate of injuries occurring in collegiate womens soccer is 8.6 per 1000 participants (www.fastsports.com/tips/tip12/). a. Using the Poisson...
-
A pair of random variables has a joint PDF specified by (a) Find (X > 2, Y (b) Find Pr (0 2. (c) Find Hint: Set up the appropriate double integral and then use the change of variables: u = x y, v =...
-
Number of fire tubes in Lancashire boiler are: (a) 1 (b) 2 (b) 3 (d) 4
-
It is generally known that boys grow at an unusually fast rate between the ages of about 12 and 14. Following are heights, in inches, of 40 boys measured at age 12 and again at age 14. Can you...
-
The company paid $500,000 to purchase the following: a building with an appraised value of $200,000, an operating permit valued at $100,000, and ongoing research and development projects valued at...
-
During the COVID-19 pandemic in 2020, the government shut down our businesses and churches to practice social distancing in an effort to address the pandemic. That kind of authority and decision...
-
Casey Morgan is a single taxpayer, social security number 412-34-5670, who lives at 582 Brockton Lane, Columbus, OH 43081. Casey has income from a job as a manager, interest and dividend income, and...
-
Explain how an a-particle of energy much less than height the coulomb potential barrier is emitted from the nucleus but cannot go from outside to inside?
-
What is the intent of the Faade pattern? (a) Provide a unified interface to a set of interfaces in a subsystem (b) Provide a unified class to a set of interfaces in a subsystem (c) Provide a abstract...
-
Which factors favoring the application of object oriented approach in complex application development?
-
Which of the following is not a software life cycle model? (a) Waterfall model (b) Spiral model (c) Prototyping model (d) Capability Maturity model
-
Do you think that all firms, in every sector, are equally affected by the degree of openness of an economy? Briefly explain your answer with examples.
-
How decomposition is done in object oriented approach? Explain with an example.
-
Appendix A UX and CX - for coffee and tea drinkers Find a way of making a tea and coffee machines more interesting. Rather than just having a coffee machine which will make a cappuccino, tea or latte...
-
A stock has had returns of 8 percent, 26 percent, 14 percent, 17 percent, 31 percent, and 1 percent over the last six years. What are the arithmetic and geometric average returns for the stock?
-
Describe the difference between cost reporting and cost control.
-
Your company is looking at purchasing a loader at a cost of $125,000. The loader would have a useful life of seven years. At the end of the seventh year the salvage value is estimated to be $10,000....
-
Draw a cash flow diagram for the following cashflow: YEAR Receipts (S) Disbursements ($) 0 2 3 4 1,000 0 0 2,000 2,000 1,000 4,750 0 0 0
-
The following reaction takes place in a system consisting of \(3 \mathrm{~mol} \mathrm{CH}_{4}, 5 \mathrm{~mol} \mathrm{H}_{2} \mathrm{O}\), \(1 \mathrm{~mol} \mathrm{CO}\) and \(4 \mathrm{~mol}...
-
A system is said to be in thermodynamic equilibrium if its (a) Temperature remains unchanged (b) Pressure remains unchanged (c) Chemical potential remains unchanged (d) Temperature, pressure and...
-
A system initially containing \(3 \mathrm{~mol} \mathrm{CO}_{2}, 5 \mathrm{~mol} \mathrm{H}_{2}\) and \(1 \mathrm{~mol} \mathrm{H}_{2} \mathrm{O}\) is undergoing the following reactions: \[...
Study smarter with the SolutionInn App