M/s Saniya Sports Equipment does not keep proper records. From the following information, find out profit or loss and also prepare balance sheet for the year ended December 31, 2005.
Drawing Rs. 10,000 p.m. for personal use, fresh capital introduced during the year Rs. 2,00,000. Outstanding salary Rs. 2,400, prepaid insurance Rs. 700, depreciation charged on furniture and machinery @ 10% pa.
