On 31st March,2020 the total assets and creditors were ` 15,00,000 and ` 2,50,000 respectively.
During the year, the owner had introduced capital of ` 10,000 and has withdrawn ` 70,000 for
personal use. He made a loss of ` 25,000 during the year. Calculate the Capital as on 1st
April,2019.
Answers
Answer:
Explanation:
Calculations of closing Capital
Capital A/c
=================================================================
31.03.20 By balance b/d 12,50,000.00*
By Capital added 10,000.00
To drawing 70,000.00
To Loss 25,000.00
To Balance c/d# 11,65,000.00
=================================================================
Total 12,60,000.00 12,60,000.00
=================================================================
* Total Assets were 15,00,000.00
Liabilities 2,50,.000.00
Capital (difference) 12,50,.000.00
# balance figure