[ISC] Q 10 Accounts from Incomplete Records TS Grewal Solution Class 11 (2023-24)

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Solution to Question number 10 Accounts from Incomplete Records TS Grewal class 11 ISC 2023-24?

Following information is supplied to you by a shopkeeper:

1st April, 2022 (₹)31st March, 2023 (₹)
Cash
Sundry Debtors
Stock
Furniture
Sundry Creditors
Bills Payable
600
6,800
5,900
1,500
2,000
1,500
700
6,400
8,700
1,300
1,800
1,100

During the year, the shopkeeper withdrew ₹ 250 per month for domestic purposes. He also borrowed from a friend at 9% p.a. a sum of ₹ 2,000 on 1st October 2022. He has not yet paid the interest. A provision of 5% on debtors for doubtful debts is to be made.

Ascertain the profit or loss made by him during the period.

Solution:-

Working Notes:-

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