Chapter 1: Accounts from Incomplete Records
How to find Profit or Loss Using the Statement of Affairs
Capital at the beginning and at the end can be found out by preparing a statement of affairs at the beginning and at the end of an accounting year, respectively.
A statement of affairs is a statement showing the balances of assets and liabilities on a particular date.
This method of ascertaining profit is also called the statement of affairs method, net worth method, or capital comparison method.
In this article, you will learn:
• Solved Book Back Questions (Questions 10-15)
Question 1:
From the following particulars, ascertain the profit
or loss for the year:
Capital at the beginning of the year (1st Apr 2018): ₹ 500,000;
Capital at the end of the year (31st March 2019): ₹ 850,000;
Additional capital introduced during the year: ₹120,000;
Drawings during the year: ₹ 70,000.
Answer: Profit: ₹ 300,000
Step-by-Step Solutions:
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Question 2:
From the following particulars, ascertain the profit
or loss for the year:
Capital at the beginning of the year (1st January 2018): ₹ 220,000;
Capital at the end of the year (31st December 2019): ₹ 180,000;
Additional capital introduced during the year: ₹40,000;
Drawings during the year: ₹ 50,000.
Answer: Loss: ₹ 30,000.
Step-by-Step Solutions:
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🔗 Download PDF: Book Back Sums 1-5
🎥 Video Explanation:
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Question 3:
From the following details, calculate the opening capital on 01.4.2017.
Closing capital as of 31.3.2018: ₹ 80,000;
Additional capital introduced during the year: ₹ 30,000;
Drawings during the year: ₹ 15,000;
Loss for the year ending 31.3.2018: ₹ 25,000.
Step-by-Step Solutions:
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🔗 Download PDF: Book Back Sums 1-5
🎥 Video Explanation:
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Question 4:
From the following details, calculate the capital as of 31st December 2018.
Capital as on 1st January, 2018: ₹ 100,000;
Goods withdrawn for personal use by the owner: ₹ 30,000;
Additional capital introduced during the year: ₹ 15,000;
Profit for the year was ₹60,000.
Answer: Closing Capital: ₹ 145,000.
Step-by-Step Solutions:
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🔗 Download PDF: Book Back Sums 1-5
🎥 Video Explanation:
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Question 5:
From the following details, calculate the drawings
during the year.
Capital as on 1st April, 2018: ₹ 40,000;
Capital as on
31st March, 2019: ₹ 50,000;
Additional capital introduced during the year: ₹ 7,000;
Profit for the year: ₹ 8,000.
Answer: Drawings: ₹ 5,000.
Step-by-Step Solutions:
Download the complete step-by-step solution below.
🔗 Download PDF: Book Back Sums 1-5
🎥 Video Explanation:
Watch the complete step-by-step solution on YouTube.
▶️ Watch Video: Book Back Question 1-5
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