[ISC] Q 5 Solution Accounts from Incomplete Records TS Grewal Class 11 (2022-23)

Solution of Question number 5 Accounts from Incomplete Records TS Grewal class 11 ISC 2022-23?

Prashad keeps his books on Single Entry System, and from them and the particulars, supplied, the following figures were gathered on 31st March, 2022:

Book Debts ₹ 10,000; Cash in Hand ₹ 510; Stock-in-Trade (Estimated) ₹ 6,000; Furniture and Fittings ₹ 1,200; Trade Creditors ₹ 4,000; Bank Overdraft ₹ 1,000.

Prashad statrted business on 1st April, 2021 with Cash ₹ 6,000 paid into bank but stocks valued at ₹ 4,000.

During the year, he estimated his drawings to be ₹ 2,400. You are required to prepare the statement, showing profit/loss for the year, after writing off 10% for depreciation on furniture and fittings.

Solution:-

Working Capital:-

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