Question
Define of Single Entry System.
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Balance Sheet (Extract) as on
31st March, 2019
| Particulars | Amount ₹ |
| I. EQUITY AND LIABILITIES | |
| 1. Shareholders' funds | |
| (a) Share capital | |
| Equity share capital | 6,00,000 |
| (b) Reserves and surplus | 2,00,000 |
| 2. Non-current liabilities | |
| Long-term borrowings (Debentures) | 6,00,000 |
| 3. Current liabilities | |
| (a) Trade payables | 1,60,000 |
| (b) Other current liabilities | |
| Outstanding expenses | 40,000 |
| Total | 16,00,000 |
| Particulars | ₹ |
| Capital as on $1^{st} $ April, $2018$ | $40,000$ |
| Capital as on $31^{st} $ March, $2019$ | $50,000$ |
| Additional capital introduced during the year | $7,000$ |
| Profit for the year | $8,000$ |
| Drawings during the year | $?$ |
Subscription received in 2018 is ₹ 50,000 which includes ₹ 5,000 for 2017 and ₹ 7,000 for 2019. Subscription outstanding for the year 2018 is ₹ 6,000. Subscription of ₹ 4,000 was received in advance for 2018 in the year 2017.
| Statement of Profit and Loss | |
| Particulars | ₹ |
| $I.$ Revenue from operations | $24,00,000$ |
| $II.$ Other income: | |
| Income from investment | $70,000$ |
| $III.$ Total revenues $(I+II)$ | $24,70,000$ |
| $IV.$ Expenses: | |
| Purchases of stock$-$in$-$trade | $18,80,000$ |
| Changes in inventories | $-80,000$ |
| Employee benefits expense | $2,90,000$ |
| Other expenses | $1,10,000$ |
| Provision for tax | $30,000$ |
| Total expenses | $22,30,000$ |
| V. Profit for year | $2,40,000$ |
| Particulars | 2016-17 ₹ |
| Revenue from operations | 4,50,000 |
| Other income | 67,500 |
| Expenses | 1,35,000 |
| Particulars | Rs. |
| Credit purchases during $2018 -2019$ | $9,50,000$ |
| Trade creditors as on $01.04.2018$ | $60,000$ |
| Trade creditors as on $3 1.03.2019$ | $50,000$ |
| Bills payable as on $0L04.2018$ | $45,000$ |
| BillS payable as on $3 1.03.2019$ | $35000$ |