SINGLE ENTRY ACCOUNTING SYSTEM

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ACCOUNTS SINGLE ENTRY SYSTEM OF RECORDING ACCOUNTS

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SINGLE ENTRY ACCOUNTING SYSTEM:

HSC ACCOUNTS SINGLE ENTRY ACCOUNTING SYSTEM

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Particular 31.3.2006 31.3.2007 Stock Furniture Plant and Machinery Loan taken Bank Balance Debtors Creditors 15000 53500 42500 21000 1900 43000 18000 14000 44000 55500 21000 2100 35000 14900 Following records of Mr. Raj were kept on single entry system. (March 2009) Mr. Raj invested Rs. 4000 in the business. Also he had withdrawn Rs. 15,000 for his private expenses from business. Rs. 500 to be provided for bad debts. Depreciate plant and machinery @ 5% and furniture @5% Prepare: Statement of Affairs as on 31.3.2006. Statement of Affairs as on 31.3.2007. Statement of Profit and Loss for the year ended on 31.3.2007. Capital at the beginning 116900 Capital at the end of the year 114700 Trading profit 8800 Net profit 3325

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Particular 1.4.06 31.3.07 Creditor Bank overdraft Bank balance Plant and machinery Furniture Debtors Stock 5,000 - 10,000 10,000 4,000 30,000 34,000 8,000 15,000 - 20,000 4,000 52,000 28,000 The following information is available from Ram ’ s records: Ram had withdrawn Rs.5000 for personal expenses and Rs. 4000 for son ’ s marriage. Out of business funds, he had also purchased a residential building costing Rs.20000, which is not shown in the above balance. Additions to Machinery were made on 1/04/06. Dep. at 10 %p.a. should be provided on plant and machinery. Find out Ram ’ s net profit for the year ended 31 st march 07. Capital at the beginning 83000 Capital at the end of the year 81000 Trading profit 27000 Net profit 25000

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Particulars RS Machinery Furniture Stock Debtors Balance at bank Prepaid insurance Payable to creditors Liabilities for expenses 20,000 2,000 5,000 8,000 1,500 200 3,000 700 On 01/04/06, Mr. Bannerjee commenced business with a capital of Rs.25,000. During the year 2006-07, he withdrew for his personal use goods worth Rs.2, 000 and cash Rs.3,000. He also gave a donation of Rs. 500 to Shri Ramakrishna mission. He paid Life Insurance premium of Rs.1000. During the year, he received a gift of Rs.5000 from his father by cheque which was deposited in the bank account of the business. On 31/3/07; his position was as under: Find out the profit earned by him after providing for depreciation at 10% on plant & Machinery and furniture and Rs.400 as reserve for Doubtful Debt. Also prepare statement of affair as on 31.03.07 Capital at the beginning Capital at the end of the year 33000 Trading profit 9500 Net profit 6900

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Particulars 31.3.06 31.3.07 Cash Stock Debtors Furniture Sundry creditors Bills payable Loan from ‘y’ Investments 18,000 15,000 30,000 7,500 26,250 - - - 27,000 18,750 45,000 7,500 31,500 9,000 3,000 15,000 Rani keeps her books on single entry & following information is disclosed. Rani transferred Rs150 each month during first half year and Rs.100 each month for the remaining period from her business to her private banking account by way of drawing, and took away Rs.350 worth of goods for private use. She sold her private car for Rs.3, 500 and proceeds were utilised for business. Furniture to be depreciated by 10% and Reserve for Doubtful debts to be maintained at 5% on debtors. Prepare opening and closing statement of affairs and also profit and loss statement for the year ending 31/03/07. Capital at the beginning 44250 Capital at the end of the year 69750 Trading profit 23850 Net profit 20850

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Particulars 1.1.04 31.12.04 Cash Bank Stock Debtors Creditors Plant and machinery Furniture and fitting 10,000 20,000 16,000 24,000 15,000 60,000 18,000 16,000 36,000 24,000 30,000 18,000 90,000 18,000 Mr. Ganesh keeps his books by single entry method. His financial position on 1.01.04 and 31.12.04 was as under. During the year Mr. Ganesh withdrew Rs.8,000 for his private purpose and he had used 2,000 worth of stock also for his private purpose. On 1.10.03 he sold some of his house hold furniture for Rs.2,000 and paid this amount into his Bank A/c of business. Prepare a statement of profit & loss for the year ended 31.12.04 and a statement of affairs after taking into consideration the following: Provide interest on capital @ 5% p.a on opening balance and Interest on drawing ( only on cash drawings) @10% p.a. (on an average of 6 months) Depreciate plant and machinery @10 %( assuming addition were made on 1.10.04) and furniture at 5%. stock on 31.12.04 was overvalued by Rs.2,000 Write off bad debts Rs.2,000 and provide Reserve for Doubtful debts at 10 % on debtors. Capital at the beginning 133000 Capital at the end of the year 196000 Trading profit 71000 Net profit 50300

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Particulars Amount Rs. 1.4.2009 Amount Rs. 31.3.2010 Sundry Debtors Sundry Creditors Bank Overdraft Stock Cash in hand Bills Receivable Furniture Motor van Computer 10% Govt. Bonds 45000 60000 80000 65000 2000 60000 10000 80000 60000 50000 70000 40000 80000 8000 80000 10000 80000 120000 10000 Mr. Prabhakar is a retail trader. He had no proper methods of accounting. But the following information is made available to you. [March 2012] Adjustments. On 1 st October, 2009 Mr. Prabhakar had withdrawn Rs. 40000 for his personal use. 10% Government Bonds were purchased of Rs. 10,000 on 1 st October, 2009. He had also withdrawn Rs. 30000 for his daughter ’ s marriage. Depreciate furniture by 10% and write off Rs. 2000 from motor van. Rs. 2000 is written off as bad debts and provide 5% R.D.D. on debtors. Allow interest on capital at 10% p.a. Charge interest on drawings Rs. 2,000. Prepare after taking into consideration the adjustments. Opening statement of affairs of 1.4.2009. Closing statement of affairs of 31.3.2010. Statement showing Profit or Loss for the year ended on 31.3.2010. Capital at the beginning 182000 Capital at the end of the year 328000 Trading profit 216000 Net profit 192900

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Particulars 1.04.06 31.03.07 Cash in hand Bank balance Stock in trade Debtors Creditors Plant and machinery Furniture 1,500 1,200(Dr.) 4,000 3,400 2,400 6,000 1,200 1,600 1,800(Cr.) 4,650 3,800 3,600 8,000 1,600 Prem a trader keeps his books by the single entry Method. His financial position on 1 st April 06 and on 31 st March, 07 were as follows: During the year, Prem had withdrawn Rs.75 per month for his household use. From the above information ascertain his profit or loss for the year ended and also give his statement of affairs as on 31.03.07 after taking into account the following further information: Depreciate plant and machinery by 15% and furniture by 12 ½ % p.a (assume the addition on 30 th September,2006) Of the debtors Rs100 are bad and to be written off. Create a reserve for Discount on Debtors at 2% and a reserve for Doubtful debts at 5%. Allow interest on capital at 5% and charge interest on Drawing at 6%p.a Capital at the beginning 14900 Capital at the end of the year 14250 Trading profit 250 Net Loss -2048

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Liabilities Amt Asset Amt Capital account Sundry creditors Bill payable 28,000 3,170 2,150 Leasehold land Plant and Machinery Stock in trade Book debts Cash in hand 2,075 4,940 9,673 15,550 1,082 33,320 33,320 Mr. Gopal maintained his books on single entry. The following statement of affairs had been Prepared as on 31.03.06 On 31.03.07 it was learnt that he had introduced further capital of Rs1,000 on 1 st july,06 and he drawn Rs1,580 on various dates during the year. It was also ascertained that the proprietor had taken Rs.75 worth of goods for his own use. Statement prepared on the same date disclosed that book debts were Rs.14,640, Creditors were Rs.2,309 and Bills payable were Rs.1,775. The stock was valued at Rs.11,417 and cash in hand amounted Rs.917 on the same date. Prepare : 1. Statement of profit for the year 06-07 2. Statement of affairs as on 31.03.07 taking in to consideration the following: 5% Reserve to be created on Book debts. 5% Depreciation to be written off on plant and machinery. Rs.125 to be written off the lease. Interest at 5% p.a. to be provided on the capital. Capital at the beginning Capital at the end of the year 29905 Trading profit 2560 Net profit 18

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Particulars 31-3-2006 31-3-2007 Cash in hand Cash at bank Stock Sundry debtors Investments Furniture Machinery Sundry creditors Outstanding expenses 500 2500 20000 25000 20000 10000 25000 10000 3000 2000 5000 30000 40000 20000 25000 40000 10000 2000 Mr. Suryakant maintains books on single entry and who gives you the following information. (September 2008) Additional information Mr. Suryakant introduced further capital of Rs. 20000 on 1 st July, 2006 and had withdrawn Rs. 10,000 during the year. Interest on capital is allowed at 10% p.a. Additions to furniture and machinery were made on 1 st October, 2006 Write of deprecation on furniture and machinery at 10% p.a. Create reserve for doubtful debts at 5% on sundry debtors. Prepare: a. Statement of affairs. B. Statement of profit and loss for the year ended 31 st March, 2007. < Capital at the beginning 90000 Capital at the end of the year 150000 Trading profit 50000 Net profit 32500

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31-3-2006 31-3-2007 Cash at bank Sundry debtors Stock in trade Furniture Machinery Bills payable Sundry creditors 5000 25000 30000 20000 50000 5000 15000 32000 40000 50000 20000 50000 5000 20000 Mrs. Archana keeps her books on single entry system and gives the following information. (March 2008) Additional information Mrs. Archana withdrew from business Rs. 15,000 for personal use. She further introduced fresh capital of Rs. 25,000. Depreciation is to be charged @10% p.a. on Furniture and Machinery. Prepare: (i) Statement of Affairs as on 31-3-2006 (ii) Statement of Affairs as on 31-3-2007 (iii) Statement of profit or loss for the year ending 31-3-2007. Capital at the beginning 110000 Capital at the end of the year 167000 Trading profit 47000 Net profit 40000

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