Prepare statement of affairs as on december

Reference no: EM13257755

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.

Reference no: EM13257755

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