Question

el 10 Q.11. From the following information calculate profit earned or loss incurred during the year 2020-21. (1) Capital as on March 31, 2021 Rs. 8,00,000. (2) Additional capital Introduced during the year Rs. 2,00,000. (3) Drawings made during the year Rs. 1,00,000. (4) Capital as on April 1, 2020 Rs. 4,00,000. O (a) Rs. 5,00,000 O (6) Rs. 3,00,000 O (c) Rs. 7,00,000 O (d) None of these​

Answer 1

Explanation:

(c) Rs. 7,00,000 is the answer..

Hope its help..

Answer 2

Answer:

Explanation:

WORKING NOTES:-

CLOSING CAPITAL = OPENING CAPITAL + ADDITIONAL CAPITAL - DRAWING + PROFIT

PROFIT = CLOSING CAPITAL + DRAWINGS - ADDITIONAL CAPITAL - OPENING CAPITAL

PROFIT = 4,00,000 + 1,00,000 - 2,00,000 - 8,00,000 = (- 5,00,000) LOSS