[ISC] Q 7 Solution Accounts from Incomplete Records TS Grewal Class 11 (2022-23)

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Are you looking for the solution of Question number 7 Accounts from Incomplete Records TS Grewal class 11 ISC 2022-23?

Ajay commenced business on 1st April, 2021 with a capital of ₹ 10,000. He immediately bought furniture and fixtures for ₹ 2,000. On 30th September, 2021, he borrowed ₹ 5,000 from his wife @ 9% p.a. (interest not yet paid) and introduced a further capital of his won amounting to ₹ 1,500. Ajay withdrew at the rate of ₹ 300 per month at the end of each month for household expenses.

On 31st March, 2022, his position was as follows:

Cash in Hand ₹ 2,800; Sundry Debtors ₹ 4,800; Stock ₹ 6,800; Bills Receivable ₹ 1,600; Sundry Creditors ₹ 500 and owing for Rent ₹ 150. Furniture and Fixtures to be depreciated by 10%.

Ascertain the profit or loss by Ajay during the year ended 31st March, 2022.

Solution:-

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