Question - 03

A manufacturer Avinash keeps his books on incomplete records system the position of the business at 31st March 2017 revealed the followings :

Freehold premises Rs. 30,000
Plant and machinery Rs. 12,000
Stock in trade Rs. 40,000
Sundry Debtors Rs. 32,000
Cash at Bank Rs. 10,000
Sundry Creditors Rs. 41,000
On 1st April 2016 his capital was Rs. 55,000 prepare a statement of affairs showing his position at 31st March 2017 and ascertain his profit or loss for the year.