KOYA's KABS Answer

Opening Balance Sheet as on January 1, 2010

Assets Amount in Rs Liabilities Amont in Rs
Motor Car 785000 Capital 285000
Loan 500000
TOTAL 785000 TOTAL 785000

Profit and Loss Account for the period year ended December 31, 2010
Amount in Rs Amont in Rs
Business Exp. Revenue 448,000
Uniform 2,785
Food 18,000
Diesel and oil 157,500
Interest 98,000 276,285
Depre (20% 785000) 157000
Profit 14,715
448000 448,000

Less: Drawings 64,225 Profit 14,715

Profit carry forward to B/S -49,510
14,715 14,715
Closing Balance Sheet as on December 31, 2010
Assets Amount in Rs Liabilities Amont in Rs
Motor Car 785000 Capital 285000
157000 628000 Add: Profit -49,510 235490
Cash at bank 7,490
Loan 500000
Less: Repaid 100000 400000

TOTAL 635490 TOTAL 635490

 Rs
Groceries purchased 48,275
Clothes bought for his daughters 2,850
Books and fees for his daughters 850
Uniform for himself and the driver’s badge 2,785
Food and drinks while driving 18,000
Sari bought for his wife on wedding anniversary 1,250

Diesel and oil 157,500

Paid to his wife for domestic expenses 11,000
EMI paid 198,000 100000 ASSUME TOWARDS PRINCIPAL
Paid in the Savings Bank account 7,490
TOTAL 448,000 REVENUE

List of Personal Expenses

Groceries purchased 48,275
Clothes bought for his daughters 2,850
Books and fees for his daughters 850

Sari bought for his wife on wedding anniversary 1,250

Paid to his wife for domestic expenses 11,000

TOTAL 64,225 DRAWINGS