Mr. Ravi Kumar keeps his books on single entry. His position on 31st December, 2019 was as follows : Cash at hank Rs. 3,000 ; Stock Rs. 20,000 ; Debtors Rs. 30.000 ; Machinery Rs. 50,000 and Creditors Rs. 25.000. His position on 31st December. 2020 was as follows: Cash al bank Rs. 4.000 ; Stock Rs. 25,000 ; Debtors Rs. 45,000; Machinery Rs. 50.000 and Creditors Rs. 25,000. During the year he introduced Rs. 10,000 as further capital and withdrew from business Rs. 3.000 per month. From the above information ascertain the profit or loss made by Mr. Ravi Kumar for the year ended 31st December 2020.

Mr. Ravi Kumar keeps his books on single entry. His position on 31st December, 2019 was as follows : Cash at hank Rs. 3,000 ; Stock Rs. 20,000 ; Debtors Rs. 30.000 ; Machinery Rs. 50,000 and Creditors Rs. 25.000. His position on 31st December. 2020 was as follows: Cash al bank Rs. 4.000 ; Stock Rs. 25,000 ; Debtors Rs. 45,000; Machinery Rs. 50.000 and Creditors Rs. 25,000. During the year he introduced Rs. 10,000 as further capital and withdrew from business Rs. 3.000 per month. From the above information ascertain the profit or loss made by Mr. Ravi Kumar for the year ended 31st December 2020.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 33P

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