Special Purpose Books 2 Cash Book — Account STD 11 Commerce — Question

Why the statement of assets and liabilities prepared under Single Entry System at the end of the accounting period is called a Statement of Affairs instead of Balance Sheet?

What is Binary System?

Mayank does not keep proper records of his business, he gives you the following information:

	₹
Opening Capital	1,00,000
Closing Capital	1,25,000
Drawings during the year	30,000
Capital added during the year	37,500

Calculate the profit or loss for the year.

Do you agree that a Sales Book is used to record invoices issued to customers in respect of goods sold on credit and not cash? Give reasons.

Name and describe the various books of original entrie.

Vikas is keeping his accounts according to Single Entry System. His capital on 31st December, 2015 was ₹ 2,50,000 and his capital on 31st December, 2016 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 December, 2016.

From the following information, prepare trading account for the year ended 31st March, 2013

	Amt (Rs.)
Cost of goods sold	45,00,000
Sales	72,00,000
Closing Stock	2,40,000

What is meant by Operating Profit?

Explain how the following may be ascertained from incomplete records:
Credit sales and credit purchase.

Calculate closing stock from the following details:

	₹
Opening Stock	4,80,000
Purchase	13,60,000
Sales	19,50,000

G.P is 30% on Cost.