Profit or Loss from Incomplete Records Practical Question

From Assets and liabilities and other information of incomplete accounts, calculate net profit or net loss of Mr. Y's business.


31-12-2009 and 31-12-2010

building 100000
furniture 50000
stock 120000 and 270000
cash at bank 70000 and 85000
cash in hand 1200 and 3200


Loan 100000 and 80000
sundry creditors 40000 and 70000

Decide to depreciation building by 2.5% and furniture b 10%. One life insurance policy of the proprietor was matured during the period and the amount of 40000 has been retained in the business. Proprietor took @ 2000 per month for meeting family expenses.





Capital ( Balancing figure 241200 440700 Building 100000
Loans 100000 80000 Machinery 50000 97500
Bank overdrafts nil nil Furniture 120000 45000
Sundry Creditors 40000 70000 Other Fixed Assets nil nil
Bill Payable nil nil Stock 120000 270000
Sundry Debtors 40000 90000
B/R nil nil
Loan and Advances nil nil
Cash and Bank 71200 88200
381200 590700 381200 590700

Amount received from Life insurance policy has been used in business, so it is fresh capital. Personal expenses will be drawing. For calculating profit or loss of business of Mr. Y, following statement will be made.

 Closing  Capital  440700

 + 24000


Fresh Capital
 - 40000

Opening Capital
- 241200

Net Profit or Net Loss of Business







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Accounting Education: Profit or Loss from Incomplete Records Practical Question
Profit or Loss from Incomplete Records Practical Question
Accounting Education
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