Mr. Qamar keeps his books under single entry system; hisposition on 31 December 2002 (at the end of financial year) was asfollows:
Cash in hand Rs. 59,200; Stock Rs. 63,000; Debtors Rs. 48,400;Furniture Rs. 12,000
Creditors Rs. 50,400; Prepaid Insurance Rs. 200. Machinery Rs.10,000
INFORMATION:
- Machinery worth Rs. 2,000 was purchased on 30PthP June2002 and remaining on
30PthP December 2001.
- Depreciate Furniture and Machinery @ 10% p.a.
- Written off bad debts Rs. 2,400 and provide 5% fordoubtful debts.
- Provide interest on capital @ 10% p.a.
Required:
You are required to prepare Statement of affairs as on 31PstPDecember 2002.