Question

Illustration 3. Sanjay started a firm on 1st April, 2017 with a capital of 10,000. On
1st July, 2017 he borrowed from his wife a sum of 4,000 @ 9% p.a (interest not yet
paid) for business and introduces a further capital of his own amounted to * 1,500.
On 31st March, 2018 his position was:
Cash * 600; Stock * 9,400; Debtors * 7,000 and Creditors * 6,000.
Ascertain his Profit or Loss taking into account *2,000 for his drawings during the year.​

Answer 1

Answer:

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