Question

Kapil, who keeps his books on Single Entry System, tells you that his capital on 31.12.2014 was 18,700 and his
capital on 1.1.2014 was 19,200. He further informs you that during the year he withdrew for his household
purposes 28,420. He once sold his investment of 2,000 at 2% premium and brought that money into the business.
You are required to prepare a statement of profit and loss.
Ans. Net Profit for the year 25,880]​

Answer 1

Answer:

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Answer 2

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