[CBSE] Q 16 Accounts for Incomplete Records Solutions (2023-24)

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Solution of Question number 16 Accounts for Incomplete Records (Single Entry System) CBSE Board (2023-24)

Gurman, a retailer, has not maintained proper books of account but it has been possible to obtain the following details:

Last Year (₹)This Year (₹)
Trade Creditors6,2705,890
Loan from Naresh5,0005,000
Stock12,35011,980
Cash in Hand570650
Shop Fittings7,2507,800
Trade Debtors5,2804,560
Bank Balance3,9904,130

Calculate the net profit for this year and draft the Statement of Affairs at the end of the year after noting that:

(a) Shop Fittings are to be depreciated by ₹ 780.

(b) Gurman has drawn ₹ 100 per week for his own use.

(c) Included in the Trade Debtors is an irrecoverable balance of ₹ 270.

(d) Interest at 5% p.a. is due on the loan from Naresh but has not been paid for the year.

[Net Profit – ₹ 3,960; Total of Statement of Affairs – ₹ 28,070.]

Solution:-

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Anurag Pathak
Anurag Pathak

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