Question

(a). Ranvijay started business on 1st April, 2011 with Capital of 7,50,000 and
a loan of 32,00,000 taken from Punjab National Bank. On 31 March 2012
his assets were 15,00,000. Find out his capital on 31st March 2012 and
profit made or losses incurred during the year 2011-12.
(b). If in the above illustration, the proprietor had introduced additional
capital of 1,25,000 and had withdrawn 340,000 for personal purposes,
find out the profit.​

Answer 1

Answer:

Explanation:

opening capital- 500000, creditor=100000, next year opening capital=800000

closing capital=800000-100000=700000

profit =800000-700000=100000