on 31/03/2014 the total assets and external liabilities were 300000 and 12000 respectively. venkat introduced rs. 50000 as additional capital and with drawn rs.15000 for family purpose. venkat earned a profit of rs.40,000 during the year. calculate venkat capital as on 01/04/2013.
Answers
Answer:
closing capital = Assets - liabilities
= 300000-12000
= 288000
Additional capital = 50000
drawing = 15000
Profit = 40000
opening capital ?
Profit = closing capital + drawing - additional capital - opening capital
40000 = 288000 + 15000 - 50000 - opening capital
opening capital = 288000. +15000-50000-40000
. = 213000
Explanation:
Solution :
On 31/03/2014 the total assets and external liabilities were 3,00,000 and 12,000 respectively.
★ Closing Capital = total assets - liabilities
= 3,00,000 - 12,000
= 2,88,000
Closing Capital = 2,88,000
Particulars ------------------ Amount (₹)
Capitals On 31/03/2014 ---- 2,88,000
(+) Drawing ------------------------ 15,000
3,03,000
(-) Additional Capital ----------- 50,000
2,53,000
(-) Profit during the year ----- 40,000
Capital as on 01/04/2013 = 2,13,000
∴ Capital as on 01/04/2013 = ₹ 2,13,000