Question

From the following details estimate the capital as on 31.03.2017, capital as on 01.04.2016 INR. 4,10,000. Drawings INR. 40,000, profit during the year INR. 50,000

Answer 1

Answer:

Following information of an accounting year is given:

Opening Capital ₹ 60,000; Drawings ₹ 5,000; Capital added during the year ₹ 10,000 and Closing Capital ₹ 90,000. Calculate the Profit or Loss for the year.