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Show necessary extracts from the Profit and Loss Account and the balance snee - Rupesh started a firm on 1st April, 2015 with a capital
Show necessary extracts from the Profit and Loss Account and the balance snee - Rupesh started a firm on 1st April, 2015 with a capital of Rs. 10,000. On 1st July 2016 he borrowed from his son Mr. Rohit a sum of Rs. 4000 @ 9% p.a. (interest not yet paid) for business and introduces a further capital of his own amounted to Rs. 1500. On 31 March, 2016 his position was as follows Cash Rs. 600, stock Rs. 9,400, debtors Rs. 7000 and creditors Rs. 6000. Ascertain his profit or loss taking into account Rs. 2000 for his drawings during the year. (61
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