Accountancy, asked by abheek65, 8 months ago

On 31st march 2019 , assets and external liabilities were 1 lakh and 3000 respectively.During the year, the proprietor has introduce capital 10000 and withdrawn 6000 for personal use. During the year he made a profit of 10000. Calculate Capital as on 1st April 2018

Answers

Answered by jothika132002

Answer:

Closing capital = Closing Assets - Closing Liailities(i.e., y's Loan) <br> = ₹ 1,00,000 - ₹3,000 = ₹97,000. <br> Opening Capital =Closing Capital +Drawings -Additional Capital -Profits <br> = ₹ 97,000 + ₹6,000 - ₹ 10,000 - ₹ 10,000 = ₹ 83,000

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