[CBSE] Q 11 Accounts for Incomplete Records Solutions (2023-24)

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Solution of Question number 11 Accounts for Incomplete Records (Single Entry System) CBSE Board (2023-24)

Mahesh commenced business on 1st April 2022 with a capital of ₹ 10,000. He immediately bought furniture and fixtures for ₹ 2,000. On 1st October 2022, he borrowed ₹ 5,000 from his wife @ 9% p.a. (interest not yet paid) and also introduced further capital of his own of ₹ 1,500. He drew @ ₹ 300 per month at the end of each month for household expenses. On 31st March 2023 his position was as follows:

Cash in Hand ₹ 2,800; Sundry Debtors ₹ 6,400; Stock ₹ 6,800; Sundry Creditors ₹ 500 and owing for Rent ₹ 150.

Furniture and Fixtures to be depreciated by 10%.

Ascertain the profit earned or loss incurred by Mahesh during the year ended 31st March 2023.

[Capital at the end – ₹ 11,925; Profit – ₹ 4,025.]

Solution:-

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Anurag Pathak
Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his Youtube channel for free lectures

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