Solution of Q 15 Accounts from Incomplete Records-Single Entry System TS Grewal Class 11 (2023-24) CBSE

Vikas is keeping his accounts according to Single Entry System. His capital on 31st March, 2022 was ₹ 2,50,000 and his capital on 31st March, 2023 was ₹ 4,25,000. He further informs you that during the year he gave a loan of ₹ 30,000 to his brother on private account and withdrew ₹ 1,000 per month for personal purposes. He used a flat for his personal purpose, the rent of which @ ₹ 1,800 per month and electricity charges at an average of 10% of rent per month were paid from the business account. During the year, he sold his 7% Government Bonds of ₹ 50,000 at 1% premium and brought that money into the business. Prepare a Statement of Profit or Loss for the year ended 31st March, 2023.