Question - 12 

X keeps his books on single entry system following information is available from his books :

Sundry debtors                                30,000                                  62,000
Stock                                               44,000                                  68,000
Loan from wife                               15,000                                  15,000
Sundry creditors                              22,600                                  16,800
Office equipments                           15,000                                  12,500
Building                                           60,000                                  60,000
Cash balance                                      2,100                                    4,500
Bank overdraft                                 13,500                                  25,000

During the year X received Rs. 1,000 per month as pension of which he invesred Rs. 7,500 into the business.
X withdrew from the business Rs. 1,000 per month up to 31st May, 2000 and thereafter Rs. 2000 per month as drawing in addition he withdrew from the business Rs, 4,200 for paying inocme tax and Rs. 3,000 to pay the legal exp. in a private suit. 

Adjustments :
  1. Outstanding exp. Rs. 1,800 and prepaid exp. Rs. 500.
  2. Commission earned but not received Rs. 2000.
  3. Depreciate office equipment by 20%.
  4. Provide 4% on debtors for doutful debts.
Prepare a statement to ascertain the profit and loss and also prepare the final statement a affairs as on 31st dec. 2000.