a firm has closing assets of rs 50000 and the liabilities of rs 30000 during the year he introduced rs 10000 as additional capital was rs 15000 at the beginning . find out profit and loss incurred during the year.prepare the balance sheet.
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Statement of Profit or Loss
Particulars
Amount
(Rs)
Capital at the end
90,000
Add: Drawings
5,000
95,000
Less: Additional Capital Introduced
(10,000)
Adjusted Capital at the end
85,000
Less: Capital in the beginning
60,000
Net Profit for the year
25,000
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