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Calculate profit and loss under single entry system : 1-1-2012 31-12-2012 ₹ Opening Capital find out Capital of Close - find out Debtors 10000 11000 B/R 5000 2000 Prepaid Expenses 1000 400 Cash 600 300 Creditors 3000 1000 B/P 500 300 Unpaid Expenses 700 200?
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Calculate profit and loss under single entry system : 1-1-2012 31-12-2...
Calculation of Profit and Loss under Single Entry System
Opening Capital: ₹10,000
Closing Capital: ?
Debtors: ₹11,000
Bills Receivable: ₹5,000
Prepaid Expenses: ₹1,000
Cash: ₹600
Creditors: ₹3,000
Bills Payable: ₹500
Unpaid Expenses: ₹700
Step 1: Calculation of Closing Capital
Closing Capital = Opening Capital + Net Profit (or - Net Loss) - Drawings
Since we do not have information about Drawings, we will assume it to be zero.
Net Profit (or - Net Loss) = Total Income - Total Expenses
Total Income = Bills Receivable (₹5,000) + Debtors (₹11,000) + Cash (₹300) = ₹16,300
Total Expenses = Creditors (₹3,000) + Bills Payable (₹500) + Prepaid Expenses (₹400) + Unpaid Expenses (₹200) = ₹4,100
Net Profit (or - Net Loss) = ₹16,300 - ₹4,100 = ₹12,200
Closing Capital = ₹10,000 + ₹12,200 = ₹22,200
Step 2: Calculation of Profit or Loss
Profit or Loss = Closing Capital - Opening Capital
Profit or Loss = ₹22,200 - ₹10,000 = ₹12,200 (Profit)
Therefore, the profit for the year ended 31st December 2012 under single entry system is ₹12,200.
Opening Capital: ₹10,000
Closing Capital: ?
Debtors: ₹11,000
Bills Receivable: ₹5,000
Prepaid Expenses: ₹1,000
Cash: ₹600
Creditors: ₹3,000
Bills Payable: ₹500
Unpaid Expenses: ₹700
Step 1: Calculation of Closing Capital
Closing Capital = Opening Capital + Net Profit (or - Net Loss) - Drawings
Since we do not have information about Drawings, we will assume it to be zero.
Net Profit (or - Net Loss) = Total Income - Total Expenses
Total Income = Bills Receivable (₹5,000) + Debtors (₹11,000) + Cash (₹300) = ₹16,300
Total Expenses = Creditors (₹3,000) + Bills Payable (₹500) + Prepaid Expenses (₹400) + Unpaid Expenses (₹200) = ₹4,100
Net Profit (or - Net Loss) = ₹16,300 - ₹4,100 = ₹12,200
Closing Capital = ₹10,000 + ₹12,200 = ₹22,200
Step 2: Calculation of Profit or Loss
Profit or Loss = Closing Capital - Opening Capital
Profit or Loss = ₹22,200 - ₹10,000 = ₹12,200 (Profit)
Therefore, the profit for the year ended 31st December 2012 under single entry system is ₹12,200.
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Calculate profit and loss under single entry system : 1-1-2012 31-12-2012 ₹ Opening Capital find out Capital of Close - find out Debtors 10000 11000 B/R 5000 2000 Prepaid Expenses 1000 400 Cash 600 300 Creditors 3000 1000 B/P 500 300 Unpaid Expenses 700 200?
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