Vikas is keeping his accounts according to Single Entry System. His capital on 31st December, 2015 was Rs. 2,50,000 and his capital on 31st December, 2016 was Rs. 4,25,000. He further informs you that during the year he gave a loan of Rs 30,000 to his brother on private account and withdrew Rs 1,000 per month for personal purposes. He used a flat for his personal purpose, the rent of which @ Rs 1,800 per month and electricity charges at an average of 10% of rent per month were paid from the business account. During the year he sold his 7% Government Bonds of Rs 50,000 at 1% premium and brought that money into the business. Prepare a Statement of Profit or Loss for the year ended 31st December, 2016.
