11 Mr. A does not maintain complete double entry books of accounts. From the ollowing details determine the profits for the year and prepare revised statement of affairs at the end of the year. Rs.1,000 (cost) furniture was sold for Rs.5,000 on 1.1.2020; 10% depreciation is to be changed on furniture. Mr.A has drawn Rs.1,000 per month. Rs.2,000 was invested by Mr.A in 2020. 1.1.20 31.12.20 Rs. Rs. Stock 40,000 30,000 2,000 10,000 15,000 5,000 3,000 Bank balance on 1.1.2020 is as per Cash Book, but the bank overdraft on 31.12.2020 is as per Bank Statement Rs.2,000 cheques drawn in December, 2019 60,000 40,000 1,000 Debtors Cash Bank - 5,000 (OD) 25,000 8,000 2,000 Creditors Outstanding Expenses Furniture (Cost) have not been encashed within the year.

11 Mr. A does not maintain complete double entry books of accounts. From the ollowing details determine the profits for the year and prepare revised statement of affairs at the end of the year. Rs.1,000 (cost) furniture was sold for Rs.5,000 on 1.1.2020; 10% depreciation is to be changed on furniture. Mr.A has drawn Rs.1,000 per month. Rs.2,000 was invested by Mr.A in 2020. 1.1.20 31.12.20 Rs. Rs. Stock 40,000 30,000 2,000 10,000 15,000 5,000 3,000 Bank balance on 1.1.2020 is as per Cash Book, but the bank overdraft on 31.12.2020 is as per Bank Statement Rs.2,000 cheques drawn in December, 2019 60,000 40,000 1,000 Debtors Cash Bank - 5,000 (OD) 25,000 8,000 2,000 Creditors Outstanding Expenses Furniture (Cost) have not been encashed within the year.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 40BE: Accrued Interest On May 1, the Garnett Corporation wanted to purchase a $200,000 piece of equipment,...

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