Question

(a) Surender Mohan started business on 1 April, 2019 with capital of Rs. 7,50,000 and a loan of Rs. 2,00,000 taken from Punjab National Bank. On 31* March, 2020 and profits made or losses incurred during the year 2019-20.​

Answer 1

${\huge{{\tt{\color {rd}{Given:}}}}}$

Surender Mohan started business on 1 April, 2019 with capital of Rs. 7,50,000 and a loan of Rs. 2,00,000 taken from Punjab National Bank. On 31* March, 2020 and profits made or losses incurred during the year 2019-20.

${\huge{{\tt{\color {re}{Solution:}}}}}$

protit is ₹5, 50,000

capital on 1st april 2019 is 7,50,000

Assets on 31st march 2020 is 15,00,000

(-) abilities (loan from bank) is 2,00,000

Therefore, capital on 31st march 13,00,000

profit earned during the year is ₹13,00,000-₹7,50,000

that is ₹5,50,000