[CBSE] Q 9 Accounts for Incomplete Records Solutions (2023-24)

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Solution of Question number 9 Accounts for Incomplete Records (Single Entry System) CBSE Board (2023-24)

Shruti maintains her books of account from Incomplete Records. Her books provide the following information:

1st April, 2015 (₹)31st March, 2016 (₹)
Cash1,2004,000
Debtors16,80027,200
Stock22,40024,400
Investments8,000
Furniture7,5008,000
Creditors14,90011,600

She withdrew ₹ 500 per month for personal expenses. She sold her Investments of ₹ 16,000 at a 5% premium and introduced the amount into business.

You are required to prepare a Statement of Profit or Loss for the year ending 31st March 2016.

[Capital as at 1st April 2015 – ₹ 33,000; Capital as at 31st March 2016 – ₹ 60,000; Profit – ₹ 16,200.]

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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