Question

23. Mayank does not keep proper records of his business. He has given you the following information
1,00,000
1,25,000
30,000
37,500
Opening Capital
Closing Capital
Drawings
Additional Capital​

Answer 1

Explanation:

Mayank does not keep proper records of his business, he gives you the following information:

Opening Capital – Rs. 1,00,000

Closing Capital – Rs. 1,25,000

Drawings during the year – Rs. 30,000

Capital added during the year – Rs 37,500

Calculate the profit or loss for the year.