Question

Asmit commenced business on 1st April 2019 with a capital of Rs 200000 and took a loan Rs 50000 . On 31st March, 2020 his assets were Rs 350000 . He introduced fresh capital of Rs 50000 and withdrew Rs 10000 . What is the amount of profit or loss ​

Answer 1

Answer:

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Answer 2

Answer:

Asset Side = 3,50,000

Capital and Liability side = 2,00,000 + 50,000 - 10,000 + 50,000 = 2,90,000

Profit (Balancing Figure) = 3,50,000 - 2,90,000 = 60,000

Explanation:

Asset = Capital + Liabilities