Profit and Loss Account for the period year ended xxxx

Amount in Rs
Business Exp. Revenue
Uniform 2,785.00
Food 18,000.00
Diesel and oil 157,500.00
Interest(11 months) 54,467.00 232,752.00

Depreciation
(785000*8
years*11/12) 89,948.00
Profit 125,300.00
448,000.00

Closing Balance Sheet as on xxxx

Liabilities Amount in Rs Assets
Capital 285,000.00 Motor Car
Add: Profit 125,300.00
Less: Drawings (64,225.00) 346,075.00 Cash at bank

Loan 500,000.00
Less: Repaid (143,533.00) 356,467.00

TOTAL 702,542.00 TOTAL

Working Notes : 1
List of Revenue
Particulars Amount
Groceries Purchased 48,275.00
Clothes bought for his daughters 2,850.00
Books and fees bought for his daughters
850.00

Uniform for himself and the drivers badge 2,785.00

Food and drinks
Sari bought while
for this driving
wife on wedding 18,000.00
anniversary 1,250.00
Diesel and Oil 157,500.00
Paid to his wife for domestic expenses 11,000.00
EMI Paid 198,000.00
Paid in the savings Bank account 7,490.00
TOTAL 448,000.00 REVENUE

Working Notes : 2
List of Personal Expenses
Particulars Amount
Groceries Purchased 48,275.00
Clothes bought for his daughters 2,850.00
Books and fees bought for his daughters 850.00
Sari bought for this wife on wedding
anniversary 1,250.00
Paid to his wife for domestic expenses 11,000.00
TOTAL 64,225.00 DRAWINGS

Assumptions taken
1) His source of income is only from cabs. So all expenses spent either personnel or related to cab are ou
2) Depreciation is straight line based for 11 months. Useful life of car is taken as 8 years
3) He purchased the car and taken loan after 1 month from beginning of year
4) The amount spent for wife, daughter and home groceries are considered drawings.
5) annual insurance , road tax and registration charges capitalized
Answers to questions
1)I do not agree with koya's loss calculation because he earned profit as per my actual calculation.
2) Since he is getting profit he can continue the business.

d int rincial
1 500,000.00 7,373.29 10,626.71
2 489,373.29 7,216.58 10,783.42
3 478,589.87 7,057.57 10,942.43
4 467,647.44 6,896.20 11,103.80
5 456,543.64 6,732.46 11,267.54
6 445,276.10 6,566.30 11,433.70
7 433,842.40 6,397.69 11,602.31
8 422,240.09 6,226.60 11,773.40
9 410,466.69 6,052.98 11,947.02
10 398,519.67 5,876.80 12,123.20
11 386,396.48 5,698.03 12,301.97
12 374,094.50 5,516.62 12,483.38
13 361,611.12 5,332.53 12,667.47
14 348,943.65 5,145.73 12,854.27
15 336,089.37 4,956.17 13,043.83
16 323,045.54 4,763.82 13,236.18
17 309,809.36 4,568.63 13,431.37
18 296,377.99 4,370.56 13,629.44
19 282,748.55 4,169.57 13,830.43
20 268,918.13 3,965.62 14,034.38
21 254,883.75 3,758.66 14,241.34
22 240,642.42 3,548.65 14,451.35
23 226,191.07 3,335.55 14,664.45
24 211,526.61 3,119.29 14,880.71
25 196,645.91 2,899.86 15,100.14
26 181,545.76 2,677.18 15,322.82
27 166,222.94 2,451.22 15,548.78
28 150,674.16 2,221.93 15,778.07
29 134,896.09 1,989.26 16,010.74
30 118,885.35 1,753.15 16,246.85
31 102,638.50 1,513.57 16,486.43
32 86,152.07 1,270.45 16,729.55
33 69,422.52 1,023.74 16,976.26
34 52,446.26 773.40 17,226.60
35 35,219.66 519.37 17,480.63
36 17,739.03 261.59 17,738.41
year ended xxxx
Amount in Rs
448,000.00

448,000.00

xxxx
Amount in Rs
785,000.00
89,948.00 695,052.00
7,490.00

702,542.00
her personnel or related to cab are out of cab fare recieved.
ar is taken as 8 years
ing of year
nsidered drawings.

ofit as per my actual calculation.

489,373.29
478,589.87
467,647.44
456,543.64
445,276.10
433,842.40
422,240.09
410,466.69
398,519.67
386,396.48
374,094.50
361,611.12
348,943.65
336,089.37
323,045.54
309,809.36
296,377.99
282,748.55
268,918.13
254,883.75
240,642.42
226,191.07
211,526.61
196,645.91
181,545.76
166,222.94
150,674.16
134,896.09
118,885.35
102,638.50
86,152.07
69,422.52
52,446.26
35,219.66
17,739.03
0.62