SINGLE ENTRY SYSTEM-SUMS
1.Find the Opening capital of business with the help of following information
* Closing capital : 210000
* Additional capital : 50000
* Drawings : 20000
* Interest on capital - 10000
* Interest on Drawings- 5000
*Net Profit- 25000
2.Mr.Shankar commernced business on 1st January,2012 with the capital of 15,000, on 1st July,2012, he introduced a further capital of 8000. During the year he withdrew 500 P.M for domestic use. on 31st Dec-2012 the following Assets & Liabilities are as follows.
*Stock - 21,000
*Debtors - 10,000
* Furniture - 3500
* Creditors - 8,300
* Cash at bank - 2100
* Expenses unpaid - 700
Prepare statement of affairs and find the Net Profit or Net Loss of his business.
No comments:
Post a Comment