Question

Find the missing figure
Closing Capital
Drawings
Additional Capital
Opening Capital
Profit
Rs. 2,00.000
Rs. 30,000
Rs. 10,000
>
Rs. 1,20,000​

Answer 1

Answer:

Missing Figure = Opening Capital

Given :

• Closing Capital - 2,00,000

• Drawings - 30,000

• Opening Capital - ?

• Profit - 1,20,000

Solution :

• Closing Capital - 2,00,000

• Add : Drawings - 30,000

- 2,30,000

• Less : Profit - 1,20,000

____________

1,10,000

Opening Capital = 1,10,000

Working Note :

= Closing Capital + Drawings - Capital = Opening Capital

= 2,00,000 + 30,000 - 1,20,000 = 1,10,000

∴ Opening Capital = 1,10,000

_____________

STATEMENT OF PROFIT OR LOSS

Closing Capital - XXX ( amt )

Add : Drawings - XXX

Less : Additional Capital - XXX

Less : Opening Capital - XXX

Profit / Loss - XXX

Ascertainment Of Profit Or loss

2 methods for ascertaining of Profit or loss :

• By Statement of Affairs Method

• By Conversion Method ( Statement of Profit or Loss )