Fewpal
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Following is the position statement of Md Irfan (who maintains his accounts in incomplete system) as on 31-03-2019 and 31-03-2020.

Particulars31-03-201931-03-2020
Amount in Rs.Amount in Rs.
Cash20,00018,000
Sundry Debtors78,00090,000
Stock68,00064,000
Machinery1,40,0001,30,000
Sundry Creditors29,00029,000
Bills Payable5,00010,000

During 2019-20, he introduced Rs. 15,000 as new capital and withdrew Rs. 4,000 per month for his personal use. Ascertain his profit for the year ending 31-03-2020.

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Statement of Affiairs (as on 31-.03-19)
LIABILITIESAmountASSETSAmount
Sundry Creditors29,000Cash20,000
Bills Payable5,000Sundry Debtors78,000
Opening Capital (Bal. Figure)2,72,000Stock68,000
Machinery1,40,000
3,06,0003,06,000

 

Statement of Affiairs (as on 31-.03-19)
LIABILITIESAmountASSETSAmount
Sundry Creditors29,000Cash18,000
Bills Payable10,000Sundry Debtors90,000
Opening Capital (Bal. Figure)2,63,000Stock64,000
Machinery1,30,000
3,02,0003,02,00

 

Statement of Profit and Loss As on 31-03-2020
ParticularsAmount
Closing Capital2,63,000
add: Drawings (4,000 x 12)48,000
less: Additional Capital15,000
less: Opening Capital2,72,000
Profit Earned During The Year24,000

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