Question

14. X Started business on 1st April, 2016 with a capital of 1,20,000. During
the year, he introduced further capital * 30,000 but withdrew * 25,000
during the year for personal use. At the end of the year, his assets
worth 2,00,000 and liabilities amounting to 30,000.
Determine his capital at the end of the year and profit or loss incurred
during the year ending 31st March, 2017.
[Ans. Capital 1,70,000, profit 45,000.]
15. Find the opening capital of X from the following information:
Total assets 1,40,000, outside liabilities 30,000. During the year, he
introduced 30,000 as further capital and withdrew 20,000 for personal
use and earned a profit of 30,000 during the year.
[Ans. Capital (closing) 1,10,000; capital (opening) 70,000.]
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Answer 1

Answer:

14. X Started business on 1st April, 2016 with a capital of 1,20,000. During

the year, he introduced further capital * 30,000 but withdrew * 25,000

during the year for personal use. At the end of the year, his assets

worth 2,00,000 and liabilities amounting to 30,000.

Determine his capital at the end of the year and profit or loss incurred

during the year ending 31st March, 2017.

[Ans. Capital 1,70,000, profit 45,000.]

15. Find the opening capital of X from the following information:

Total assets 1,40,000, outside liabilities 30,000. During the year, he

introduced 30,000 as further capital and withdrew 20,000 for personal

use and earned a profit of 30,000 during the year.

[Ans. Capital (closing) 1,10,000; capital (opening) 70,000.]