Question
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
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Step: 1
Statement of Profit and Loss for the year ended 31st December 2006 Income Sales Rs1 600 ...
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The Legal Environment of Business A Critical Thinking Approach
Authors: Nancy K Kubasek, Bartley A Brennan, M Neil Browne
6th Edition
978-0132666688, 132666685, 132664844, 978-0132664844
