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Trading & Profit or Loss Account

Mr. Kapil doe...

Question

Mr. Kapil does not keep proper records of his business and he provided the following information.

You are required to prepare a statement showing the profit or loss for the year 2011-12.
Opening Capital (01-04-2011) , 50,000

Closing Capital (31-03-2012) , 1,00,000

Additional capital introduced (2011-12) , 20,000

Drawings made during the year (2011-12) , 40,000

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Solution

Statement of Profit & Loss

$\begin{matrix} Particulars & Amount Closing Capital (31-03-2012) & 1,00,000 Add : Drawings made during the year (2011-12) & 40, 000 - -------- - 1,40,000 Less : Additional capital introduced (2011-12) & 20,000 - -------- - 1,20,000 Less : Opening Capital (01-04-2011) & 50,000 Profit made for the year 2011-12. & 70,000 \end{matrix}$

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