AccountancyNEB 2076 (old course)
एउटा व्यापारीले रु. १,८०,००० बाट व्यापार सुरु गर्यो। उसले आफ्नो व्यक्तिगत प्रयोगको लागि प्रति महिना रु. २,००० निकाल्ने गरेको छ। वर्षको अन्त्यमा उसको अवस्था निम्नानुसार छ : A trader commenced…
8एउटा व्यापारीले रु. १,८०,००० बाट व्यापार सुरु गर्यो। उसले आफ्नो व्यक्तिगत प्रयोगको लागि प्रति महिना रु. २,००० निकाल्ने गरेको छ। वर्षको अन्त्यमा उसको अवस्था निम्नानुसार छ : A trader commenced business with Rs. 180,000. He used to withdraw Rs. 2,000 per month for his personal use. His position at the end of the year is as under:
फर्निचर (Furniture) Rs. 1,00,000
आसामीहरू (Debtors) Rs. 40,000
साहूहरू (Creditors) Rs. 30,000
बैंक ऋण (Bank Loan) Rs. 40,000
मौज्दात (Stock) Rs. 1,40,000
नगद (Cash) Rs. 40,000
बैंक ऋणमा ब्याज १०% ले भुक्तानी दिन बाँकी (Interest on Bank Loan due @ 10%)
तयार गर्नुहोस् (Required): [4+4] i) अन्तिम पूँजी रकम देखिने विवरण(Statement of Affairs Showing Closing Capital) ii) नाफा नोक्सान विवरण (Statement of Profit and Loss)
Answer
i) Statement of Affairs Showing Closing Capital
Assumption: The interest on the bank loan is an accrued liability and is added to the total liabilities to calculate the closing capital.
| Particulars | Amount (Rs.) | Particulars | Amount (Rs.) |
|---|---|---|---|
| Liabilities | Assets | ||
| Capital (Balancing Figure) | 1,28,000 | Stock | 1,40,000 |
| Creditors | 30,000 | Debtors | 40,000 |
| Bank Loan | 40,000 | Furniture | 1,00,000 |
| Interest on Bank Loan (40,000 x 10%) | 4,000 | Cash | 40,000 |
| Total | 2,02,000 | Total | 2,20,000 |
Note: The Statement of Affairs is a balance sheet format. The total of Assets must equal the total of Liabilities plus Capital. Here, Total Assets = 2,20,000. Total Liabilities (excluding Capital) = 30,000 + 40,000 + 4,000 = 74,000. Therefore, Closing Capital = 2,20,000 - 74,000 = 1,46,000.
Correction in Calculation: Let's re-calculate carefully. Total Assets = Stock (1,40,000) + Debtors (40,000) + Furniture (1,00,000) + Cash (40,000) = 3,20,000. Total Liabilities (External) = Creditors (30,000) + Bank Loan (40,000) + Interest on Bank Loan (4,000) = 74,000. Closing Capital = Total Assets - Total External Liabilities Closing Capital = 3,20,000 - 74,000 = 2,46,000.
Let's re-read the question. Did I miss something? "Commenced business with Rs. 180,000". "Withdraw Rs. 2,000 per month". Year end position given.
Let's check the assets again. Furniture: 1,00,000 Debtors: 40,000 Stock: 1,40,000 Cash: 40,000 Total Assets = 3,20,000.
Liabilities: Creditors: 30,000 Bank Loan: 40,000 Interest on Bank Loan: 4,000 (10% of 40,000) Total Liabilities = 74,000.
Closing Capital = 3,20,000 - 74,000 = 2,46,000.
Wait, is the "Bank Loan" a liability that was taken during the year or part of the initial capital? The problem says "commenced with 180,000". Usually, if a bank loan is present at the end, it is a liability. The interest is also a liability.
Let's construct the Statement of Affairs correctly.
Corrected Statement of Affairs Showing Closing Capital
| Liabilities | Amount (Rs.) | Assets | Amount (Rs.) |
|---|---|---|---|
| Capital (Balancing Figure) | 2,46,000 | Stock | 1,40,000 |
| Creditors | 30,000 | Debtors | 40,000 |
| Bank Loan | 40,000 | Furniture | 1,00,000 |
| Interest on Bank Loan | 4,000 | Cash | 40,000 |
| Total | 3,20,000 | Total | 3,20,000 |
Calculation of Closing Capital: Total Assets = Total External Liabilities = Closing Capital = Total Assets - Total External Liabilities Closing Capital =
ii) Statement of Profit and Loss
To find the profit, we use the formula:
Given:
- Opening Capital = Rs. 1,80,000
- Closing Capital = Rs. 2,46,000 (Calculated above)
- Drawings = Rs. 2,000 per month for 12 months
Calculation of Profit:
Statement of Profit and Loss
| Particulars | Amount (Rs.) | Particulars | Amount (Rs.) |
|---|---|---|---|
| Drawings | 24,000 | Profit (Balancing Figure) | 90,000 |
| Closing Capital | 2,46,000 | Opening Capital | 1,80,000 |
| Total | 2,70,000 | Total | 2,70,000 |
Final Results: i) Closing Capital: Rs. 2,46,000 ii) Net Profit: Rs. 90,000
Discussion
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