Devansh started business on 1st April 2019 with a capital of rs.4,00,000 and a loan Of RS.1,50,000from Bank.During the year ,he had introduced additional capital of rs.120000 and had withdrawn rs.72000 for personal use.on 31st March 2020 his assets Were rs.760000 . find out his capital as on 31st March 2020and profit during the year. .
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Answer:
Asset Side = 7,60,000
Capital and Liability side = (4,00,000 + 1,20,000 - 72,000) + 1,50,000 = 5,98,000
Profit = Balancing Figure = 7,60,000 - 5,98,000 = 1,62,000
Capital as on 31st March 2020 = 4,00,000 + 1,20,000 + 1,62,000 - 72,000 = 6,10,000
or
Alternatively
Capital = Asset - Liabilities
= 7,60,000 - 1,50,000 = 6,10,000
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