Ram Prashad keeps his books on Single Entru System and from them and the particulars supplied, the following figures were gathered together on 31st March, 2019:
Book Debts Rs. 10,000, Cash in Hand Rs. 510, Stock- in - Trade (estimated) Rs. 6,000, Furniture and Fittings Rs. 1,200, Trade Creditors Rs. 4,000, Bank Overdraft Rs. 1,000. Ram Prashad stated that he started business on 1st April, 2018 with cash Rs. 6,000 paid into bank but stocks valued at Rs. 4,000. During the year he estimated his drawings to be Rs. 2,400. You are required to prepare the statement, showing the profit for the year, after writing off `10%` for Depreciation on Furniture and Fittings .
