Question

Calculate the missing figure:
Capital as on 31/3/05 – 4,00,000;
Capital as on 31/3/06 – 1,60,000;
Additional capital introduced – 2,00,000
Drawings made during the year - ?
Profit made during the year –2,40,000.

Answer 1

DRAWINGS MADE DURING THE YEAR:-

CLOSING CAPITAL= OPENING CAPITAL + ADDITIONAL CAPITAL + PROFIT MADE DURING THE YEAR + DRAWINGS MADE DURING THE YEAR

1,60,000 = 4,00,000+2,00,000+2,40,000+ DRAWINGS

DRAWINGS = 8,40,000-1,60,000

DRAWINGS = 6,80,000

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