M s Saniya Sports Equipment does not keep proper records From the following information find out pro...........

Accountancy (11th) Chapter-11 Accounts from Incomplete Records

M/s Saniya Sports Equipment does not keep proper records. From the following information find out profit or loss and also prepare balance sheet for the year ended March 31, 2017 (5 marks)

	April. 31, 2016		March. 31, 2017
		Rs		Rs
Cash in hand		6,000		24,000
Bank overdraft		30,000		–
Stock		50,000		80,000
Sundry creditors		26,000		40,000
Sundry debtors		60,000		1,40,000
Bills payable		6,000		12,000
Furniture		40,000		60,000
Bills receivable		8,000		28,000
Machinery		50,000		1,00,000
Investment		30,000		80,000

Drawing Rs 10,000 p.m. for personal use, fresh capital introduce during the year Rs 2,00,000. A bad debts of Rs 2,000 and a provision of 5% is to be made on debtors outstanding salary Rs 2,400, prepaid insurance Rs 700, depreciation charged on furniture and machine @ 10% p.a.

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