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Accounts from Incomplete Records — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountAccounts from Incomplete Records6 Marks
Question
Following incomplete information is available from records maintained by Mr. X:

During the year Mr. X introduced in the business the amount realised on sale of ₹ 10,000 investments at the premium of 5%. Personal expenses of Mr. X paid from business account amounted to ₹ 1,250 per month. Prepare a statement to calculate Profit (or Loss) during the year.
✓

Answer




Working Note:
Calculation of additional capital introduced during the year.
Value of Investments = 10,000
Premium = 500 (10,000 × 5%)
Sale Value of Investments = ₹ 10,500(Aditional Capital)

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