Calculate the capital as on 1st April, 2019 from the following figures :(1) Total assets and total outside liabilities as on 31st March, 2020 were RS 7,05,000 and RS 1,95,000 respectively.(2) Additional capital introduced during the year RS 1,80,000.(3) Drawings during the year RS 1,50,000 4) Profit during the year 2,10,000.
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Answer:
Double Entry Book Keeping Ts Grewal 2019 for Class 11 Commerce Accountancy Chapter 16 - Accounts From Incomplete Records Single Entry System
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Textbook Solutions Class 11 Accountancy Accounts From Incomplete Records Single Entry System
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Page No 20.38:
Question 1:
Following information of an accounting year is given:
Opening Capital ₹ 60,000; Drawings ₹ 5,000; Capital added during the year ₹ 10,000 and Closing Capital ₹ 90,000. Calculate the Profit or Loss for the year.
ANSWER:
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
Page No 20.38:
Question 2:
Mayank does not keep proper records of his business, he gives you the following information:
₹
Opening Capital 1,00,000
Closing Capital 1,25,000
Drawings during the year 30,000
Capital added during the year 37,500
Calculate the profit or loss for the year.
ANSWER:
Statement of Profit or Loss
Particulars
Amount
(Rs)
Capital at the end
1,25,000
Add: Drawings
30,000
1,55,000
Less: Additional Capital Introduce
(37,500)
Adjusted Capital at the end
1,17,500
Less: Capital in the beginning
1,00,000
Net Profit for the year
17,500