Question

kapil started a business as on 1st april,2011 with capital of RS.240000 and liabilities of RS.10000.during the year,he made a profit of RS.26000. find out the value of his assets on 31st march 2012

Answer 1

asset = capital + liability 
asset = (opening capital +profit )+ liability
            =(240000+26000)+10000
  asset   = 2,76,000

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