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Mr. Mangesh is dealing in business. He maintains his accounting with Single Entry. The following are details of his business.

Mr. Mangesh introduced Rs 10,000 as additional Capital. He spent Rs 45,000 for personal use Depreciate Land and Building by Rs 5,000. Provide 5% R.D.D. on Debtors.

Prepare: Opening Statement of affairs, Closing Statement of affairs and the statement of profit or loss.

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Statement of Affairs

as on April 01,2012

Statement of Affairs

as on March 31,2013

Statement of Profit or Loss

for the year ended March 31,2013

Working Notes:

Reserve for Doubtful Debts = 40,000 x 5/100 = Rs.2,000.

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