Question

Capital in the beginning Rs.6,00,000

Bank overdraft Rs.60,000

Creditors Rs.1,40,000

Revenue earned during the year Rs. 2,50,000

Expenses incurred to earn the revenue Rs 1,80,000

Drawing during the year were Rs 10,000.

Unsold stock at the end Rs 80,000

Find out closing capital, Total liabilities and Total Assets of the firm.​

Answer 1

Answer:

beginning capital balance - investments + net income (or minus net loss) + draw = ending capital. beginning capital balance + investments - net income (or plus net loss) - draw = ending capital.