Page 249 - ISCDEBK-XI

Accounts from Incomplete Records 22.7
STATEMENT OF PROFIT OR LOSS
for the year ended 31st March, 2022
Particulars ` `
Capital as per Statement of Affairs as on 31st March, 2022 1,45,000
Add: Drawings:
Cash Withdrawn 28,000
Less: Computer Purchases for Business 15,000 13,000
Proprietor’s Personal Travelling 1,750
Stationery Consumed by the Family Members of the Proprietor 1,480 16,230
1,61,230
Less: Opening Capital 1,15,000
Trading Profit/Profit before Adjustments (Gross Profit) 46,230
Less: Adjustments:
Depreciation on Machinery 2,500
Depreciation on Furniture 1,400
Provision for Doubtful debts @ 5% on debtors 1,655 5,555
Net Profit for the year 40,675

REVISED STATEMENT OF AFFAIRS (AFTER ADJUSTMENT)
as at 31st March, 2022
Liabilities ` Assets `
Capital (Opening) 1,15,000 Machinery 24,000
Add: Net Profit 40,675 Less: Depreciation 2,500 21,500
1,55,675 Furniture 18,000
Less: Drawings 16,230 1,39,445 Less: Depreciation 1,400 16,600
Creditors 19,000 Computer 15,000
10% Investment 21,000
Debtors 33,100
Less: Provision for
Doubtful Debts 1,655 31,445
Closing Stock 20,600
Accrued Interest on
Investments (WN 1) 1,400
Prepaid Salaries 700
Cash at Bank (WN 2) 18,500
Cash in Hand 11,700
1,58,445 1,58,445
Working Notes:
1. Interest on Investment is due but not received for 8 months (August to March)
10 8
= ` 21,000    ` 1, 400.
100 12
2. Balance as per Bank Pass Book is given and as such Bank Balance as per Cash Book has been calculated by
adjusting the unpresented cheques amounted to ` 1,900 as under:
`
Balance as per Bank Pass Book 20,400
Less: Unpresented Cheques 1,900
Balance as per Cash Book 18,500