Page 247 - ISCDEBK-XI

Accounts from Incomplete Records 22.5
STATEMENT OF AFFAIRS (Before Adjustment)
as at 31st March, 2022
Liabilities ` Assets `
Capital 1,66,400 Machinery 65,000
(Being the excess of Assets over Liabilities) Furniture 21,000
Creditors 12,400 Computer 27,000
Outstanding Expenses 3,000 Debtors 34,900
M/s Star Computers 27,000 Investments 25,000
Closing Stock 11,700
Prepaid Expenses 1,400
Cash in Hand 22,800
2,08,800 2,08,800

STATEMENT OF PROFIT OR LOSS
for the year ended 31st March, 2022
Particulars ` `
Capital as per Statement of Affairs at 31st March, 2022 1,66,400
Add: Drawings: 17,000
1,83,400
Less: Additional Capital:
Sale of Personal Land 39,000
Cashed Personal FDR 10,000 49,000
1,34,400
Less: Opening Capital 90,000
Gross Profit/Profit before Adjustments 44,400
Less: Adjustments:
Depreciation on Machinery (30th June, 2021 to 31st March, 2022, i.e., for 9 months) 4,875
Depreciation on Furniture (1st May, 2021 to 31st March, 2022, i.e., for 11 months) 1,925
Depreciation on Computer (1st September, 2021 to 31st March, 2022, i.e., for 7 months) 1,575
Provision for Doubtful Debts (5% of ` 34,900) 1,745 10,120
Net Profit for the year 34,280

FINAL OR REVISED STATEMENT OF AFFAIRS
as at 31st March, 2022
Liabilities ` Assets `

Capital (Opening): 90,000 Machinery 65,000
Add: Additional Capital 49,000 Less: Depreciation 4,875 60,125
Net Profit 34,280 Furniture 21,000
1,73,280 Less: Depreciation 1,925 19,075
Less: Drawings 17,000 1,56,280 Computer 27,000
Creditors 12,400 Less: Depreciation 1,575 25,425
Outstanding Expenses 3,000 Investment 25,000
M/s Star Computers 27,000 Debtors 34,900
Less: Provision for Doubtful Debts 1,745 33,155
Closing Stock 11,700
Prepaid Expenses 1,400
Cash in Hand 22,800
1,98,680 1,98,680