[ISC] Q 9 Solution Accounts from Incomplete Records TS Grewal Class 11 (2022-23)

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Solution of Question number 9 Accounts from Incomplete Records TS Grewal class 11 ISC 2022-23?

Raj commenced business on 1st April, 2021 with a capital of ₹ 1,00,000. He immediately bought furniture and fixture for ₹ 20,000. On 30th September, 2021, he borrowed from his wife ₹ 50,000 @ 9% p.a. (interest not yet paid) and introduced a further capital of his own amounting to ₹ 15,000. Raj drew @ ₹ 3,000 p.m. at the end of each month for household expenses. On 31st March, 2022, his financial position was as under:

ParticularsParticulars
Cash in Hand
Sundry Debtors
Stock
28,000
48,000
68,000
Bills Receivable
Sundry Creditors
Owing for Rent
16,000
5,000
1,500

Calculate Profit or Loss of Raj for the year ended 31st March, 2022.

Solution:-

Working Notes:-

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