Ganesh keeps his books by the Single Entry Method. Prepare: 1. Opening Statement of Affairs 2. Closing Statement of Affairs

Question

Ganesh keeps his books by the Single Entry Method.

Following are the details of his business:

During the year he has withdrawn ₹ 25,000 for his private purpose and goods of ₹ 3,000 for household use. On 1st Oct. 2016. He sold his household furniture for ₹ 4,000 and deposited the same amount in a business Bank Account. Provide Depreciation on Plant and Machinery at 10% p.a. (assuming additions were made on 1st Oct. 2016) and Furniture at 5%.

Prepare:

1. Opening Statement of Affairs 

2. Closing Statement of Affairs 

3. Statement of Profit or Loss for the year ended 31.3.2017.

Answer 1

In the books of Ganesh.

Opening and Closing statement of Affairs as on __________

Statement of Profit or Loss for the year ended 31st March 2017.