Question

Calculate the closing capital and profit of the year if.
Capital introduce by business Rs. 100,000. He take loan from his friend Rs. 50,000. Creditors at the end of the year was Rs. 20,000 and Closing fixed assets Rs. 200,000 bank balance Rs. 50,000. Drawings Rs. 2000 additional capital Rs. 30,000​

Answer 1

Answer:

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Answer 2

opening capital Rs. 100000

add: additional capital. Rs. 30,000

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1,30,000

less: Drawings. 2,000

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closing capital. 1,28,000

Current Assets= Bank Balance Rs. 50,000

Current Liabilities = Creditors Rs. 20,000

profit= current Assets- current liabilities

= Rs.50'000-Rs.20,000

= Rs. 30,000