[ISC] Q 7 Accounts from Incomplete Records TS Grewal Solution Class 11 (2023-24)

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Solution to Question number 7 Accounts from Incomplete Records TS Grewal class 11 ISC 2023-24?

Kuldeep, a general merchant, keeps his accounts on Single Entry System. He wants to know the results of his business on 31st March, 2023 and for that the following information is available:

1st April, 2021 (₹)31st March, 2022 (₹)
Cash in Hand
Bank Balance
Furniutre
Stock
Creditors
Debtors
150
750
100
500
350
250
175
800
100
650
400
300

During the year, he had withdrawn ₹ 500 for his personal use and invested ₹ 250 as additional capital. Calculate his profit on 31st March, 2023 and prepare the statement of Affairs as on that date.

Solution:-

Working Notes:-

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