08-single-entry-system.pdf

Target Publications Pvt. Ltd.

 Solution to Practice Practi ce Q.1.:

Liabilities

Bills Bills Payabl Payablee Sundry Sundry Credit Creditors ors Capital Capital (Balancin (Balancing g Figure) Figure)

Chapter 08: Single Entry System

In the Books of Mrs. Archana st Opening Statement of Affairs as on 31  Mar, 2006 Amount

5,000 5,000 15,000 15,000 1,10,000 1,10,000

Amount

Assets

Machin Machinery ery Furnit Furniture ure Sundry Sundry Debtors Debtors Stock in Trade Cash at Bank

50,000 50,000 20,000 20,000 25,000 25,000 30,000 5,000

1,3 1,30,00 0,000 0

1,3 1,30,00 0,000 0 st

Closing Statement of Affairs as on 31  Mar, 2007 Liabilities

Bills Bills Payabl Payablee Sundry Sundry Credit Creditors ors Capital Capital (Balancin (Balancing g Figure) Figure)

Amount

5,000 5,000 20,000 20,000 1,67,000 1,67,000

Amount

Assets

Machin Machinery ery Furnit Furniture ure Sundry Sundry Debtors Debtors Stock in Trade Cash at Bank

50,000 50,000 20,000 20,000 40,000 40,000 50,000 32,000

1,9 1,92,00 2,000 0

1,9 1,92,00 2,000 0 st

Statement of Profit or Loss for the year ended 31  Mar, 2007 Amount

Particulars

Capital at the End of the Year  Add: Drawings (For Personal Use) Use)    Less: Additional Capital Introduced Introduced During the Year Year Adjusted Closing Capital  Less: Capital at the Beginning Beginning of the Year Trading Profit or Profit Before any Adjustment  Less: Depreciation on Furniture Furniture Depreciation on Machinery Net Profit for the Year

 Solution to Practice Pract ice Q.2.:

Liabilities

Loan Loan Taken Taken Credit Creditors ors Capita Capitall (Balan (Balancin cing g Figure Figure))

Amount

1,67,000 15,000 1,82,000 25,000 1,57,000 1,10,000 47,000 2,000 5,000

7,000 40,000

In the Books of Mr. Raj st Opening Statement of Affairs as on 31  Mar, 2006 Amount

21,000 21,000 18,000 18,000 1,16,9 1,16,900 00

1,5 1,55,90 5,900 0

Assets

Amount

Plant Plant & Machin Machinery ery Furnit Furniture ure Stock Stock Debtors Bank Balance

42,500 42,500 53,500 53,500 15,000 15,000 43,000 1,900 1,5 1,55,90 5,900 0

1

Target Publications Pvt. Ltd.

Std. XII (Commerce): Book-keeping & Accountancy st

Closing Statement of Affairs as on 31  Mar, 2007 Liabilities

Loan Taken Creditors Capital (Balancing Figure)

Amount

21,000 14,900 1,14,700

Amount

Assets

Plant & Machinery Furniture Stock Debtors Bank Balance

55,500 44,000 14,000 35,000 2,100

1,50,600

1,50,600 st

Statement of Profit or Loss for the year ended 31  Mar, 2007 Amount

Particulars

Capital at the End of the Year  Add: Drawings (For Private Expenses)    Less: Additional Capital Introduced During the Year Adjusted Closing Capital  Less: Capital at the Beginning of the Year Trading Profit or Profit Before any Adjustment  Less: Written Off  Bad Debts Depreciation on Plant & Machinery Depreciation on Furniture Net Profit for the Year

 Solution to Practice Q.3.:

Liabilities

Loan Taken Creditors Creditors

Capital (Balancing Figure)

Amount

1,14,700 15,000 1,29,700 4,000 1,25,700 1,16,900 8,800 500 2,775 2,200

5,475 3,325

In the Books of Mr. Mahesh Opening Statement of Affairs as on 31st Mar, 2011 Amount

19,000 16,000

1,12,900

Assets

Stock Furniture Premises Debtors Bank Balance

Amount

13,000 51,500 40,500 41,000 1,900

1,47,900

1,47,900 st

Closing Statement of Affairs as on 31  Mar, 2012 Liabilities

Loan Taken Creditors Creditors

Capital (Balancing Figure)

Amount

19,000 12,900

1,10,700 1,42,600

2

Assets

Stock Furniture Premises Debtors Bank Balance

Amount

12,000 42,000 53,500 33,000 2,100 1,42,600

Target Publications Pvt. Ltd.

Chapter 08: Single Entry System st

Statement of Profit or Loss for the year ended 31  Mar, 2012 Amount

Particulars

Capital at the End of the Year  Add: Drawings (For Personal Use)    Less: Additional Capital Introduced during the Year Adjusted Closing Capital  Less: Capital at the Beginning of the Year Trading Profit or Profit Before any Adjustment  Less: Depreciation on Premises Depreciation on Furniture Bad Debts Net Loss for the Year

 Solution to Practice Q.4.: Liabilities

1,10,700 13,000 1,23,700 6,000 1,17,700 1,12,900 4,800 5,350 2,100 1,000

In the Books of Mr. Joshi st Opening Statement of Affairs as on 1  Apr, 2012 Amount Assets

Bills Payable Bank Overdraft

25,000 5,000

Capital (Balancing Figure)

95,000

Amount

8,450 (3,650)

Amount

Cash Balance Land & Building Furniture Machinery Debtors Stock Bills Receivable

10,000 40,000 15,000 30,000 10,000 10,000 10,000

1,25,000

1,25,000 st

Liabilities

Closing Statement of Affairs as on 31  Mar, 2013 Amount Assets

Bills Payable

25,000

Capital (Balancing Figure)

1,85,000

Amount

Bank Balance Cash Balance Land & Building Furniture Machinery Debtors Stock Bills Receivable

20,000 30,000 50,000 15,000 40,000 20,000 25,000 10,000

2,10,000

2,10,000 st

Statement of Profit or Loss for the year ended 31  Mar, 2013 Particulars

Capital at the End of the Year  Add: Drawings (for personal use)    Less: Additional Capital Introduced During the Year Adjusted Closing Capital  Less: Capital at the Beginning of the Year Trading Profit or Profit Before any Adjustment  Less: Depreciation on Furniture Reserve for Doubtful debts Net Profit for the Year

Amount

Amount

1,85,000 40,000 2,25,000 15,000 2,10,000 95,000 1,15,000 5,000 1,000

6,000 1,09,000

3

Target Publications Pvt. Ltd.  Solution to Practice Q.5.:

Liabilities

Std. XII (Commerce): Book-keeping & Accountancy In the Books of Mr. Balasaheb st Opening Statement of Affairs as on 1  Apr, 2004 Amount

Sundry Creditors Bank Overdraft Capital (Balancing Figure)

Amount

Assets

25,000 Land & Building 5,000 Machinery 90,000 Furniture Sundry Debtors Stock Bills Receivable Cash Balance

40,000 30,000 10,000 20,000 10,000 5,000 5,000

1,20,000

1,20,000 st

Closing Statement of Affairs as on 31  Mar, 2005 Liabilities

Sundry Creditors Capital (Balancing Figure)

Amount

25,000 1,70,000

Amount

Assets

Land & Building Machinery Furniture Sundry Debtors Stock Bills Receivable Bank Balance Cash Balance

50,000 40,000 10,000 40,000 25,000 5,000 10,000 15,000

1,95,000

1,95,000 st

Statement of Profit or Loss for the year ended 31  Mar, 2005 Amount

Particulars

Capital at the End of the Year  Add: Drawings (For Daughter’s Wedding)    Less: Additional Capital Introduced During the Year Adjusted Closing Capital  Less: Capital at the Beginning of the Year Trading Profit or Profit Before any Adjustment  Less: Depreciation on Land & Building Reserve for Doubtful Debts on Debtors Net Profit for the Year

 Solution to Practice Q.6.:

Liabilities

Sundry Creditors Capital (Balancing Figure)

4

Amount

1,70,000 45,000 2,15,000 10,000 2,05,000 90,000 1,15,000 5,000 2,000

7,000 1,08,000

In the Books of Miss Sunita Opening Statement of Affairs as on 31st Mar, 2006 Amount

Assets

Amount

26,250 Furniture 44,250 Debtors Stock in Trade Cash at Bank

7,500 30,000 15,000 18,000

70,500

70,500

Target Publications Pvt. Ltd.

Chapter 08: Single Entry System st

Closing Statement of Affairs as on 31  Mar, 2007 Liabilities

Amount

Sundry Creditors Bills Payable Capital (Balancing Figure)

34,500 9,000 69,750

Amount

Assets

Furniture Investments Debtors Stock in Trade Cash at Bank

7,500 15,000 45,000 18,750 27,000

1,13,250

1,13,250

Statement of Profit or Loss for the year ended 31st Mar, 2007 Amount

Particulars

Amount

Capital at the End of the Year

69,750 1,500

 Add: Drawings: Cash ( ` 150    ` 100    ×   6 months) + (  ×   6 months)   Goods    Less: Additional Capital Introduced During the Year Adjusted Closing Capital  Less: Capital at the Beginning of the Year Trading Profit or Profit Before any Adjustment  Less: Depreciation on Furniture Reserve for Doubtful Debts Net Profit for the Year

 Solution to Practice Q.7.:

Liabilities

Sundry Creditors Bills Payable Capital (Balancing Figure)

350

1,850 71,600 3,500 68,100 44,250 23,850

750 2,250

3,000 20,850

In the Books of Harshada st Opening Statement of Affairs as on 31  Mar, 2005 Amount

Assets

Amount

20,000 Furniture 1,000 Debtors 32,000 Stock in Trade Cash at Bank

20,000 15,000 8,000 10,000

53,000

53,000 st

Closing Statement of Affairs as on 31  Mar, 2006 Liabilities

Sundry Creditors Bills Payable Loan from Vimal Capital (Balancing Figure)

Amount

Assets

Amount

30,000 Furniture 5,000 Investment 3,000 Debtors 44,000 Stock in Trade Cash at Bank

20,000 12,000 25,000 10,000 15,000

82,000

82,000

5

Target Publications Pvt. Ltd.

Std. XII (Commerce): Book-keeping & Accountancy st

Statement of Profit or Loss for the year ended 31  Mar, 2006 Amount

Particulars

Capital at the End of the Year  Add: Drawings: Cash   Goods    Less: Additional Capital Introduced During the Year Adjusted Closing Capital  Less: Capital at the Beginning of the Year Trading Profit or Profit Before any Adjustment  Less: Depreciation on Furniture Reserve for Doubtful Debts Net Profit for the Year

 Solution to Practice Q.8.:

Liabilities

Amount

44,000 2,500 500

2,000 1,250

3,000 47,000 10,000 37,000 32,000 5,000 3,250 1,750

In the Books of Mr. Keshav st Opening Statement of Affairs as on 1  Apr, 2012 Amount

Creditors Capital (Balancing Figure)

Amount

Assets

52,500 Furniture 88,500 Debtors Stock in Trade Cash at Bank

15,000 60,000 30,000 36,000

1,41,000

1,41,000 st

Closing Statement of Affairs as on 31  Mar, 2013 Liabilities

Creditors Bills Payable Capital (Balancing Figure)

Amount

69,000 18,000 1,69,500

Amount

Assets

Furniture Investments Debtors Stock in Trade Cash at Bank

45,000 30,000 90,000 37,500 54,000

2,56,500

2,56,500 st

Statement of Profit or Loss for the year ended 31  Mar, 2013 Particulars

Capital at the End of the Year  Add: Drawings: Cash Transferred to Personal A/c [3,000 ×   6 months] Cash Transferred to Personal A/c [2,000 ×   6 months] Goods (For Personal Use)    Less: Additional Capital Introduced During the Year Adjusted Closing Capital  Less: Capital at the Beginning of the Year Trading Profit or Profit Before any Adjustment  Less: Depreciation on Furniture Reserve for Doubtful Debts on Debtors Net Profit for the Year

6

Amount

Amount

1,69,500 18,000 12,000 7,000

4,500 4,500

37,000 2,06,500 27,000 1,79,500 88,500 91,000 9,000 82,000

Target Publications Pvt. Ltd.  Solution to Practice Q.9.:

Chapter 08: Single Entry System In the Books of Mr. Rohit st Closing Statement of Affairs as on 31  Mar, 2013 Amount

Liabilities

Loan from Father-in-law (25,000 – 12,500) Outstanding Salaries Capital (Balancing Figure)

12,500 5,000 2,29,500

Amount

Assets

Machinery Cash at Bank Debtors Stock of Goods

70,000 1,50,000 20,000 7,000

2,47,000

2,47,000 st

Statement of Profit or Loss for the year ended 31  Mar, 2013 Amount

Particulars

Capital at the End of the Year  Add: Drawings (For Personal Use)

2,29,500  –  2,29,500 50,000 1,79,500 1,00,000 79,500

 Less: Additional Capital Introduced during the Year Adjusted Closing Capital  Less: Capital at the Beginning of the Year Trading Profit or Profit Before any Adjustment Less: Depreciation on Machinery Interest on Loan from Father-in-law Net Profit for the Year

 Solution to Practice Q.10.:

Liabilities

7,000 1,250

8,250 71,250

In the Books of Miss Nikita st Closing Statement of Affairs as on 31  Mar, 2012 Amount

Sundry Creditors Bills Payable

5,078 2,550

Capital (Balancing Figure)

Amount

60,350

Amount

Assets

Debtors Stock-in-Trade Cash at Bank Plant and Machinery Premises

29,280 21,668 3,000 5,015 9,015

67,978

67,978 st

Statement of Profit or Loss for the year ended 31  Mar, 2012 Particulars

Capital at the End of the Year  Add: Drawings: Cash   Goods  Less: Additional Capital Introduced during the year Adjusted Closing Capital  Less: Capital at the Beginning of the Year Trading Profit or Profit Before any Adjustment Less: Reserve for Doubtful Debts Depreciation on Plant and Machinery Depreciation on Premises Interest on Capital Net Loss for the Year

Amount

Amount

60,350 3,160 175

3,335 63,685 4,000 59,685 56,000 3,685

1,464 376 300 5,900

8,040 (4,355)

7

Target Publications Pvt. Ltd.  Solution to Practice Q.11.:

Liabilities

Std. XII (Commerce): Book-keeping & Accountancy In the Books of Mrs. Riddhi st Opening Statement of Affairs as on 1  Apr, 2012 Amount

Sundry Creditors

26,250

Capital (Balancing Figure)

84,750

Amount

Assets

Furniture Debtors Stock Cash

15,000 30,000 30,000 36,000

1,11,000

1,11,000 st

Closing Statement of Affairs as on 31  Mar, 2013 Liabilities

Amount

Loan from Bank Sundry Creditors Bills Payable

5,000 31,500 18,000

Capital (Balancing Figure)

1,27,000

Amount

Assets

Investments Furniture Debtors Stock Cash

30,000 15,000 45,000 37,500 54,000

1,81,500

1,81,500 st

Statement of Profit or Loss for the year ended 31  Mar, 2013 Amount

Particulars

Capital at the End of the Year  Add: Drawings made in cash Drawings of Goods    Less: Additional Capital Introduced During the Year Adjusted Closing Capital  Less: Capital at the Beginning of the Year Trading Profit or Profit Before any Adjustment  Add: Interest on Investments     Less: Depreciation on Furniture Reserve for Bad debts Interest on Loan Net Profit for the Year

 Solution to Practice Q.12.:

Liabilities

Creditors Bills Payable Capital (Balancing Figure)

1,27,000 2,700 500

750 1,350 250

3,200 1,30,200 35,000 95,200 84,750 10,450 3,000 13,450

2,350 11,100

In the Books of Miss. Divya st Closing Statement of Affairs as on 31  Mar, 2012 Amount

34,360 25,760 2,25,960

2,86,080

8

Amount

Assets

Land & Building Vehicles Debtors Bills Receivable Stock Cash

Amount

85,750 40,250 63,100 58,240 20,500 18,240 2,86,080

Target Publications Pvt. Ltd.

Chapter 08: Single Entry System st

Statement of Profit or Loss for the year ended 31  Mar, 2012 Amount

Particulars

Capital at the End of the Year  Add: Drawings (for personal use)    Less: Additional Capital Introduced During the Year Adjusted Closing Capital  Less: Capital at the Beginning of the Year Trading Profit or Profit Before any Adjustment  Add: Interest on Drawings    Less: Interest on Capital Reserve for Doubtful debts Depreciation on Land and Building Depreciation on Vehicles Net Profit for the Year

 Solution to Practice Q.13.:

Amount

2,25,960 10,000 2,35,960 10,000 2,25,960 1,50,000 75,960 300 76,260 15,500 1,578 3,430 805

21,313 54,947

In the Books of Mr. Anand Opening Statement of Affairs as on 31st Mar, 2003 Amount

Liabilities

Creditors Bills Payable Capital (Balancing Figure)

2,000 2,000 46,000

Amount

Assets

Furniture Stock Debtors Bank Cash

12,000 8,000 10,000 15,000 5,000

50,000

50,000 st

Closing Statement of Affairs as on 31  Mar, 2004 Amount

Liabilities

Creditors Capital (Balancing Figure)

6,000 50,000

Amount

Assets

Furniture Stock Debtors Bank Cash

12,000 12,000 8,000 18,000 6,000

56,000

56,000 st

Statement of Profit or Loss for the year ended 31  Mar, 2004 Particulars

Amount

Amount

Capital at the End of the Year  Add: Drawings (20,000 – 15,000 = `   5,000)    Less: Additional Capital Adjusted Closing Capital  Less: Capital at the Beginning of the Year Trading Profit or Profit Before any Adjustment  Add: Purchase of Scooter  

50,000 5,000 55,000 4,000 51,000 46,000 5,000 15,000 20,000

9

Target Publications Pvt. Ltd.

Std. XII (Commerce): Book-keeping & Accountancy

 Less: Interest on Capital

4,800

Depreciation on Furniture

1,200

Depreciation on Scooter

1,500

Reserve for Doubtful Debts on Debtors

400

Net Profit for the Year

7,900 12,100

 Solution to Practice Q.14.:

In the Books of Mr. Suryakant st Opening Statement of Affairs as on 31  Mar, 2006 Amount

Liabilities

Sundry Creditors Outstanding Expenses Capital (Balancing Figure)

Amount

Assets

10,000 Machinery 3,000 Furniture 90,000 Investments Stock Sundry Debtors Cash at Bank Cash in Hand

25,000 10,000 20,000 20,000 25,000 2,500 500

1,03,000

1,03,000 st

Closing Statement of Affairs as on 31  Mar, 2007 Amount

Liabilities

Sundry Creditors Outstanding Expenses Capital (Balancing Figure)

10,000 2,000 1,50,000

Amount

Assets

Machinery Furniture Investments Stock Sundry Debtors Cash at Bank Cash in Hand

40,000 25,000 20,000 30,000 40,000 5,000 2,000

1,62,000

1,62,000 st

Statement of Profit or Loss for the year ended 31  Mar, 2007 Particulars

Capital at the End of the Year  Add: Drawings    Less: Additional Capital Adjusted Closing Capital  Less: Capital at the Beginning of the Year Trading Profit or Profit Before any Adjustment  Less: Interest on Capital Depreciation on Furniture Depreciation on Machinery Reserve for Doubtful Debts Net Profit for the Year

10

Amount

Amount

1,50,000 10,000 1,60,000 20,000 1,40,000 90,000 50,000 10,500 1,750 3,250 2,000

17,500 32,500

Target Publications Pvt. Ltd.  Solution to Practice Q.15.:

Liabilities

Chapter 08: Single Entry System In the Books of Mr. Sameer st Opening Statement of Affairs as on 1  Apr, 2012 Amount

Creditors Bank Loan

50,000 17,000

Capital (Balancing Figure)

2,81,000

Amount

Assets

Land & Building Furniture Debtors Stock Bank

2,00,000 50,000 12,000 10,000 76,000

3,48,000

3,48,000 st

Closing Statement of Affairs as on 31  Mar, 2013 Liabilities

Creditors Bank Loan Capital (Balancing Figure)

Amount

40,000 17,000 3,13,000

Amount

Assets

Land & Building Furniture Debtors Stock Bank Balance

2,00,000 65,000 15,000 10,000 80,000

3,70,000

3,70,000 st

Statement of Profit or Loss for the year ended 31  Mar, 2013 Amount

Particulars

Capital at the End of the Year  Add: Drawings During the Year    Less: Additional Capital Introduced During the Year Adjusted Closing Capital  Less: Capital at the Beginning of the Year Trading Profit or Profit Before any Adjustments  Add:  Interest on Drawings    Less: Interest on Capital Depreciation on Furniture Bad Debts Reserve for Bad & Doubtful Debts Net Loss for the Year

 Solution to Practice Q.16.:

Liabilities

Amount

3,13,000 3,000 3,16,000 10,000 3,06,000 2,81,000 25,000 180 25,180 28,600 5,750 1,000 700

36,050 (10,870)

In the Books of M/s. J. K. Traders st Opening Statement of Affairs as on 1  Apr, 2011 Amount

Creditors Bills Payable

80,000 6,000

Capital (Balancing Figure)

93,000 1,79,000

Assets

Cash at Bank Furniture and Fixtures Stock of Stationery Stock of Goods Debtors

Amount

1,00,000 40,000 1,000 28,000 10,000 1,79,000

11

Target Publications Pvt. Ltd.

Std. XII (Commerce): Book-keeping & Accountancy st

Closing Statement of Affairs as on 31  Mar, 2012 Amount

Liabilities

Creditors Bills Payable

64,000 8,000

Capital (Balancing Figure)

1,21,400

Amount

Assets

Cash at Bank Furniture & Fixtures Stock of Stationery Stock of Goods Debtors

90,000 50,000 1,400 32,000 20,000

1,93,400

1,93,400 st

Statement of Profit or Loss for the year ended 31  Mar, 2012 Amount

Particulars

Capital at the End of the Year  Add: Drawings −  Investment in NSC    Less: Additional Capital Introduced During the Year Adjusted Closing Capital  Less: Capital at the Beginning of the Year Trading Profit or Profit Before any Adjustment  Less: Depreciation on Furniture & Fixtures Reserve for Bad debts Net Profit for the Year

 Solution to Practice Q.17.:

Amount

1,21,400 10,000 1,31,400 30,000 1,01,400 93,000 8,400 4,500 1,000

5,500 2,900

In the Books of Rajeshri st Closing Statement of Affairs as on 31  Mar, 2012 Amount

Liabilities

Sundry Creditors

10,000

Capital (Balancing Figure)

1,20,000

Amount

Assets

Cash at Bank Cash in Hand Plant and Machinery Land and Building Sundry Debtors Stock Prepaid Insurance

15,000 10,000 20,000 30,000 20,000 30,000 5,000

1,30,000

1,30,000 st

Statement of Profit or Loss for the year ended 31  Mar, 2012 Particulars

Capital at the End of the Year  Add: Drawings (For Personal Use) Adjusted Closing Capital  Less: Capital at the Beginning of the Year Trading Profit or Profit Before any Adjustment Add: Interest on Drawings Reserve for Discount on Creditors Less: Reserve for Discount on Debtors Depreciation on Plant and Machinery Depreciation on Land and Building Net Profit for the Year

12

Amount

Amount

1,20,000 8,000 1,28,000 80,000 48,000 200 200 200 2,000 2,250

400 48,400

4,450 43,950

Target Publications Pvt. Ltd.  Solution to Practice Q.18.:

Liabilities

Creditors Outstanding Salaries Capital (Balancing Figure)

Chapter 08: Single Entry System In the Books of Mr. Vilas Hukkeri st Opening Statement of Affairs as on 31  Mar, 2009 Amount

36,000 3,000 3,13,000

Amount

Assets

Machinery Furniture Debtors Stock Bills Receivable Cash in Hand Cash at Bank

1,00,000 1,00,000 36,000 50,000 10,000 6,000 50,000

3,52,000

3,52,000 st

Closing Statement of Affairs as on 31  Mar, 2010 Liabilities

Creditors Capital (Balancing Figure)

Amount

40,000 3,35,000

Amount

Assets

Machinery Furniture Debtors Stock Bills Receivable Prepaid Insurance Cash in Hand Cash at Bank

1,00,000 60,000 50,000 80,000 4,000 1,000 10,000 70,000

3,75,000

3,75,000 st

Statement of Profit or Loss for the year ended 31  Mar, 2010 Amount

Particulars

Capital at the End of the Year  Add: Drawings (For Personal Use)    Less: Additional Capital Introduced During the Year Adjusted Closing Capital  Less: Capital at the Beginning of the Year Trading Profit or Profit Before any Adjustment  Add: Interest on Drawings    Less: Interest on Capital Depreciation on Machinery  Reserve for Doubtful Debts Net Loss for the Year

 Solution to Practice Q.19.:

Liabilities

Sundry Creditors Bank Overdraft Capital (Balancing Figure)

Amount

3,35,000 6,000 3,41,000 20,000 3,21,000 3,13,000 8,000 150 8,150 16,150 5,000 1,000

22,150 (14,000)

In the Books of Mr. Prabhakar st Opening Statement of Affairs as on 1  Apr, 2009 Amount

60,000 80,000 1,82,000

Assets

Furniture Motor Van Computer Stock

Amount

10,000 80,000 60,000 65,000

13

Target Publications Pvt. Ltd.

Std. XII (Commerce): Book-keeping & Accountancy Sundry Debtors Bills Receivable Cash in Hand

45,000 60,000 2,000

3,22,000

3,22,000 st

Closing Statement of Affairs as on 31  Mar, 2010 Amount

Liabilities

Sundry Creditors Bank Overdraft Capital (Balancing Figure)

70,000 40,000 3,28,000

Amount

Assets

Furniture Motor Van Computer 10% Government Bonds Stock Sundry Debtors Bills Receivable Cash in Hand

10,000 80,000 1,20,000 10,000 80,000 50,000 80,000 8,000

4,38,000

4,38,000 st

Statement of Profit or Loss for the year ended 31  Mar, 2010 Amount

Particulars

Capital at the End of the Year  Add: Drawings: For Personal Use For Daughter’s Marriage Adjusted Closing Capital  Less: Capital at the Beginning of the Year Trading Profit or Profit Before any Adjustment  Add: Interest on Drawings Interest on 10% Government Bonds    Less: Interest on Capital Depreciation on Furniture Written Off on Motor Van Written Off Bad Debts  Reserve for Doubtful Debts Net Profit for the Year

 Solution to Practice Q.20.:

Liabilities

Sundry Creditors Bills Payable Capital (Balancing Figure)

3,28,000 40,000 30,000

2,000 500 18,200 1,000 2,000 2,000 2,400

70,000 3,98,000 1,82,000 2,16,000 2,500 2,18,500

25,600 1,92,900

In the Books of Mr. Yogesh st Opening Statement of Affairs as on 1  Apr, 2009 Amount

36,000 16,500 2,10,000

2,62,500

14

Amount

Assets

Machinery Furniture Stock Sundry Debtors Bank Balance Cash Balance

Amount

60,000 9,000 60,000 90,000 36,000 7,500 2,62,500

Target Publications Pvt. Ltd.

Chapter 08: Single Entry System st

Closing Statement of Affairs as on 31  Mar, 2010 Liabilities

Sundry Creditors Bills Payable Capital (Balancing Figure)

Amount

60,000 27,000 2,58,000

Amount

Assets

Machinery Furniture Stock Sundry Debtors Bank Balance Cash Balance

90,000 9,000 90,000 1,20,000 27,000 9,000

3,45,000

3,45,000 st

Statement of Profit or Loss for the year ended 31  Mar, 2010 Amount

Particulars

Capital at the End of the Year  Add: Drawings    Less: Additional Capital Introduced During the Year Adjusted Closing Capital  Less: Capital at the Beginning of the Year Trading Profit or Profit Before any Adjustments  Less: Depreciation on Furniture Depreciation on Machinery  Reserve for Doubtful Debts on Debtors Overvaluation of Stock Net Profit for the Year

 Solution to Practice Q.21.:

Liabilities

Creditors 10% Bank Loan Capital (Balancing Figure)

Amount

2,58,000 22,500 2,80,500 7,500 2,73,000 2,10,000 63,000 900 6,750 2,400 15,000

25,050 37,950

In the Books of Mr. Premnath st Opening Statement of Affairs as on 01  Apr, 2009 Amount

20,000 20,000 66,000

Assets

Cash Balance Bank Balance Sundry Debtors Stock Furniture

Amount

12,000 26,000 20,000 24,000 24,000

1,06,000

1,06,000 st

Closing Statement of Affairs as on 31  Mar, 2010 Liabilities

Creditors 10% Bank Loan Capital (Balancing Figure)

Amount

20,000 20,000 79,000

1,19,000

Assets

Cash Balance Bank Balance Sundry Debtors Stock Furniture

Amount

13,000 30,000 26,000 26,000 24,000 1,19,000

15

Target Publications Pvt. Ltd.

Std. XII (Commerce): Book-keeping & Accountancy st

Statement of Profit or Loss for the year ended 31  Mar, 2010 Amount

Particulars

Capital at the End of the Year:  Add: Drawings: Life Insurance Premium Goods for Personal Use    Less: Additional Capital Introduced During the Year Adjusted Closing Capital  Less: Capital at the Beginning of the Year Trading Profit or Profit Before any Adjustments  Add: Overvaluation of Creditors    Less: Written Off Bad Debts Reserve for Doubtful Debts Depreciation on Furniture Interest on Loan Interest on Capital Net Profit for the Year

 Solution to Practice Q.22.: Liabilities

79,000 10,000 5,000

1,000 1,250 1,200 2,000 6,975

In the Books of Mr. Anant st Opening Statement of Affairs as on 1  Apr, 2012 Amount Assets

Outstanding Rent Creditors

7,000 28,500

Capital (Balancing Figure)

49,500

Amount

15,000 94,000 15,000 79,000 66,000 13,000 2,000 15,000

12,425 2,575

Amount

Furniture Debtors Stock in Trade Bank Balance

11,000 37,000 17,000 20,000

85,000

85,000 st

Liabilities

Closing Statement of Affairs as on 31  Mar, 2013 Amount Assets

Outstanding Rent Bank Overdraft Creditors

10,000 12,000 33,500

Capital (Balancing Figure)

82,500

Amount

Investments Furniture Debtors Stock in Trade Bank Balance

14,000 21,000 52,000 21,000 30,000

1,38,000

1,38,000

Statement of Profit or Loss for the year ended 31st Mar, 2013 Particulars

Capital at the End of the Year  Add: Drawings (for personal use)    Less: Additional Capital Introduced During the Year Adjusted Closing Capital  Less: Capital at the Beginning of the Year Trading Profit or Profit Before any Adjustment  Less: Depreciation on Furniture Bad debts Reserve for doubtful debts Net Profit for the Year

16

Amount

Amount

82,500 6,000 88,500 17,000 71,500 49,500 22,000 800 2,000 5,000

7,800 14,200

Target Publications Pvt. Ltd.  Solution to Practice Q.23.:

Liabilities

Chapter 08: Single Entry System In the Books of Miss. Urvi st Opening Statement of Affairs as on 1  Apr, 2012 Amount

Creditors 10% Bank Loan

10,000 10,000

Capital (Balancing Figure)

33,000

Amount

Assets

Cash Balance Bank Balance Sundry Debtors Stock Furniture

6,000 13,000 10,000 12,000 12,000

53,000

53,000 st

Closing Statement of Affairs as on 31  Mar, 2013 Liabilities

Amount

Creditors 10% Bank Loan

10,000 10,000

Capital (Balancing Figure)

39,500

Amount

Assets

Cash Balance Bank Balance Sundry Debtors Stock Furniture

6,500 15,000 13,000 13,000 12,000

59,500

59,500 st

Statement of Profit or Loss for the year ended 31  Mar, 2013 Amount

Particulars

Capital at the End of the Year  Add: Drawings −  Life Insurance Premium −  Goods for personal use    Less: Additional Capital Introduced During the Year Adjusted Closing Capital  Less: Capital at the Beginning of the Year Trading Profit or Profit Before any Adjustment  Add: Overvaluation of Creditors     Less: Interest on Capital (3,300 + 375) Written off Bad debts Reserve for Bad debts Depreciation on Furniture Interest on Loan Net Profit for the Year

 Solution to Practice Q.24.:

Liabilities

Sundry Creditors Bank Overdraft Capital (Balancing Figure)

Amount

39,500 5,000 2,500

7,500 47,000 7,500 39,500 33,000 6,500 1,000 7,500

3,675 500 625 600 1,000

6,400 1,100

In the Books of Firm st Closing Statement of Affairs as on 31  Mar, 2013 Amount

50,000 15,000 3,32,000

3,97,000

Assets

Land and Building Plant and Machinery Sundry Debtors Stock Cash in Hand Bills Receivable Bank

Amount

2,00,000 1,00,000 30,000 12,000 25,000 10,000 20,000 3,97,000

17

Target Publications Pvt. Ltd.

Std. XII (Commerce): Book-keeping & Accountancy st

Statement of Profit or Loss for the year ended 31  Mar, 2013 Amount

Particulars

Capital at the End of the Year

Amount

3,32,000

 Add: Drawings During the Year

19,300

Adjusted Closing Capital

3,51,300

 Less: Capital at the Beginning of the Year

3,00,000

Trading Profit or Profit Before any Adjustments

51,300

 Less:  Depreciation on Plant & Machinery

10,000

Bad Debts

1,000

11,000

Net Profit for the Year

40,300

Ram

16,120

Shyam

16,120

Rohan

8,060

 Solution to Practice Q.25.:

In the Books of Firm st

Opening Statement of Affairs as on 1  Apr, 2012 Liabilities

Amount

Assets

Amount

Sundry Creditors

20,000

Land & Building

60,000

10% Bank Loan

15,000

Plant & Machinery

80,000

Furniture

20,000

Sundry Debtors

40,000

Stock

22,000

Cash in Hand

12,000

Cash at Bank

20,000

Bills Payable

7,000

Capital (Balancing Figure)

2,20,000

Bills Receivable

8,000

2,62,000

2,62,000 st

Closing Statement of Affairs as on 31  Mar, 2013 Liabilities

Sundry Creditors Bills Payable 10% Bank Loan Capital (Balancing Figure)

Amount

10,000 4,000 15,000 2,72,000

3,01,000

18

Assets

Amount

Land & Building

60,000

Plant & Machinery

80,000

Furniture

20,000

Sundry Debtors

60,000

Stock

22,000

Cash in Hand

32,000

Cash at Bank

15,000

Bills Receivable

12,000 3,01,000

Target Publications Pvt. Ltd.

Chapter 08: Single Entry System st

Statement of Profit or Loss for the year ended 31  Mar, 2013 Particulars

Capital at the End of the Year  Add: Drawings During the Year    Less: Additional Capital Introduced During the Year Adjusted Closing Capital  Less: Capital at the Beginning of the Year Trading Profit or Profit Before any Adjustments  Add: Interest on Drawings Undervaluation of Stock    Less: Interest on Capital Depreciation on Plant & Machinery  Depreciation on Furniture Bad Debts Reserve for Bad & Doubtful Debts

Amount

Amount

2,72,000 25,000 2,97,000 30,000 2,67,000 2,20,000 47,000

1,250 2,000

3,250 50,250

27,300 8,000 4,000 1,000 2,950

43,250

Net Profit for the Year

7,000

Anand Mahesh

4,200 2,800

19