find out 2 accounts from the given transaction
commenced business with cash ₹20,000
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Explanation:
In case there is no double entry system is followed, profit can be calculated by comparing the opening and closing capital. In the given situation this is can be calculated as:
Opening Capital
ADD: CAPITAL INTRODUCED
RS:-20,000
Add:- profit of the year 25,000
Less:- loss of the year
Less:- drawings
Capital at the end of the year
RS:- 620000
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