On 1st April, 2020, Shravan started a business with a capital of Rs.20,000 and a loan of Rs.10,000 borrowed from a friend. During the year 2020-21, he earned a profit of Rs.10,000 and introduced Rs. 12,000 as additional capital. He withdrew Rs.6,000 for his personal use. On 31st March, 2021, his total assets were Rs.10,000. The amount of external equities on 31st March, 2021 will be:
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Particulars Sohan Mohan Particulars Sohan Mohan
To Drawings a/c 50000 30000 By Balance b/d 400000 300000
To interest on drawings a/c 1250 750 By interest on capital a/c 20000 15000
To Balance c/d 469750 337250 By Salary a/c 36000 Nil
By Commission a/c 5000 3000
By profit and loss appropriation a/c 60000 50000
521000 368000 521000 368000
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