Accounts from I...

Calculate the profit or loss from the following data: Withdrawals by the proprietor during the Year Rs.30,000. Capital at the beginning of the year i.e., 1 Jan. 2001 Rs.1, 20,000. Capital at the end of the year i.e., 31 Dec. 2001 Rs.2, 00,000. Capital brought in by the proprietor during the year Rs.50,000

Opening statement of affairs is prepared to know :

Calculate profit from the following information
Opening capital: Rs.120000, closing capital - Rs.180000, Drawings - Rs.10000, capital added during the year - Rs.20000

Calculate profit from the following information
Opening capital: Rs.36000, closing capital - Rs.54000, Drawings - Rs.3000, capital added during the year - Rs.6000. Calculate profit

Calculate sale for the year from the following information
Debtor Balance as on 1/04/2011 – Rs.50400, Debtor Balance as on 31/03/2012-Rs.49000 and bank – Rs.141400

Under Single entry system we prepared only_________-

Balance of creditors on 1st Jan, 2003 -60,000, Balance of creditors on 31st Dec, 2003 -Rs.48,000 , Cash paid to creditors - Rs.2,40,000, Cheques issued to creditors -Rs.80,000, Returns outwards -Rs.10,000, Discount received from creditors - Rs.7,200, B/P given to creditors -Rs.17,000, B/P dishonored -Rs.4,000, B/R endorsed to creditor - Rs.6,000, B/R endorsed to creditors dishonored - Rs.2,400, Cash purchases -Rs.1,00,000. Find out credit purchases

Calculate capital from the following information
Fixed assets- Rs.5225, Current assets-Rs.9653 and Current liabilities- Rs.3718

Calculate purchases for the year
Paid to creditors -Rs.21096, discount received – Rs.190, Contra –Rs. 609, cash purchases- Rs.207, creditors taken over – Rs.994, Closing balance of creditors- Rs.1289

Pawan started his business on 1st January 2012 with a capital of Rs.10000. On 31st December his assets were cash- Rs.320, stock- Rs.3480, Debtors -Rs.3100, plant- Rs.8500.
He owed Rs.1200 to creditors and Rs.1000 to his brother on that date. He withdrew Rs.200 per month for his private expenses. Ascertain his profit

Pawan started his business on 1st January 2008 with a capital of Rs.10000. On 31st December his assets were cash- Rs.320, stock- Rs.3480, Debtors- Rs.3100, plant- Rs.8500.
He owed Rs.1200 to creditors and Rs.1000 to his brother on that date. He withdrew Rs.200 per month for his private expenses. Calculate capital

Calculate net profit as on 31st March 2012, if gross profit is Rs.3950, provision for doubtful debt is Rs.320 and owner borrowed from a friend at 9% a sum of Rs.2000 on 1st October 2011.

As both aspects of transactions are not recorded so it is :

Single Entry System is not recognized by :

Under Single Entry System balance sheet is not prepared but Statement of affairs is prepared because __________

drawings – Rs.2400, profit made during the year - Rs.4800, capital at the end - Rs.16000, Capital introduced during the year - Rs.4000. Calculate Capital in the beginning

Information is obtained from the books of Mohanlal Traders: Debtors on April 01, Rs.2005 50,000, Debtors on March 31, 2005 Rs.70,000, Cash received from debtors Rs.60,000, Discount allowed Rs.1,000, Bills receivable Rs.30,000, Bad debts Rs.3,000. Calculate total sale

If owner’s equity in the beginning is Rs.21,000. Fresh capital introduced during the year is Rs.7,000. Amount withdrawn during the year is Rs. 13,000, profit during the year Rs.12000 then the closing owner’s equity will be:

Single Entry System is mostly used by the ______________

Balance of creditors on 1st Jan, 2012 -Rs.60,000, Cash paid to creditors - Rs.2,40,000, Cheques issued to creditors -Rs.80,000, Returns outwards -Rs.10,000, Discount received from creditors - Rs.7,200, B/P given to creditors -Rs.17,000, B/P dishonored -Rs.4,000, B/R endorsed to creditor - Rs.6,000, B/R endorsed to creditors dishonored - Rs.2,400, Credit purchases -Rs.3,41,800. Find out creditor at the end

From the following information, Calculate Capital at the beginning :
Capital at the end of the year Rs.4, 00,000, Drawings made during the year Rs.60,000, Fresh Capital introduce during the year Rs.1, 00,000, Profit of the current year Rs.1,00,000, Capital at the beginning of the year:

Income tax paid by business on behalf of owner is treated as _________

drawings – Rs.8000, loss during the year - Rs.2000, capital at the end - Rs.36000, Capital introduced during the year - Rs.6000.Calculate Capital in the beginning

Rohit who keeps his books on single entry system, business capital at the end is Rs.187000 and in the beginning Rs.192000.He withdrew Rs.84200. He once sold his investment of Rs.20000 at 2 % premium and brought that money into the business. Calculate net profit for the year

Credit purchase can be calculated by preparing: