Accountancy, asked by prathambansal1p9g9by, 1 year ago

A commenced his clothes business on 1 April 2014 with a capital of Rs.30,000. On 31 March 2015, his assets were worth Rs.50,000 and liabilities of Rs.10,000. Find out his closing capital and profits earned during the year

Answers

Answered by krishnaaacr7

2

Answer:Closing Capital = 50000-10000

=40000.

Profit = Earlier Capital - Current capital

Explanation:

Assets = Liability + Capital

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