Mr. Khubaib started business with capital of Rs. 72,000 on st January 2006.His position on 31st December 2006 was as follows: Cash Rs.1,600, Bank balance
Mr. Khubaib started business with capital of Rs. 72,000 on st January 2006.His position on 31st December 2006 was as follows: Cash Rs.1,600, Bank balance Rs.14,000, Debtors Rs. 128,000, Stock Rs.138,000, Plant Rs.540,000, Furniture Rs.30,000 and Creditors Rs.580,000.
Mr. Khubaib introduced fresh capital of Rs.100,000 during the year he withdrew Rs.17,000 for his domestic use.
Required: Prepare statement of profit and loss and statement of affairs as on 31st December 2006.
Step by Step Solution
3.40 Rating (163 Votes )
There are 3 Steps involved in it
Step: 1
Statement of Profit and Loss for the year ended 31st December 2006 Income Sales Rs1 600 ...
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Authors: Nancy K Kubasek, Bartley A Brennan, M Neil Browne
6th Edition
978-0132666688, 132666685, 132664844, 978-0132664844
