ashok started a business on 1st April 2020 with a capital of Rs.1,00,000 and a loan of Rs 37,500 from the bank.During the year he had withdrew Rs.18,000 for personal use .on 31st March 2021hiscassets were Rs.1,90,000.find out his capital as on 31st March 2021and profit earned during the year
Answers
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capital is amounting to ₹82000
profit of year is amounting to ₹64500
Explanation:
closing cap = opening cap-drawings
profit=asset +capital+loan-drawings
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Given:
ashok started business on 1st april 2020
with opening capital of 100,000
loan amount 37,500
withdrawal during the year 18,000
asset at the end of the year 1,90,000
to find:
capital as on 31st march 2021:
closing capital = opening capital - drawings
= 1,00,000 - 18,000
=82,000
profit earned during the year:
profit = asset at the end of the year - capital -loan + drawings
profit = 1,90,000 - 100,000 - 37,500 + 18,000
= 70,500
Solution:
capital as on 31st march 2021 = 82,000
profit = 70,500
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