Opening Capital Rs. 4,00,000, Drawings Rs. 5,000 per month, Closing Capital Rs. 5,00,000, Interest on Capital Rs. 10,000, Additional Capital Rs. 50,000. Required: Profit or Loss for the year using Statement of Profit and Loss. (Chapter Single and Double Entry Accounting System) *
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Answer:Correct option isRs. 16,000Calculation of drawings = Opening capital + Additional capital + Profit - Closing capital = 20000 + 1000 + 5000 - 10000 = 16000Explanation:AccountancyOpening capital Rs. 20,000, Closing Capital Rs. 10,000, profit during the year Rs. 5,000, Additional Capital introduced Rs. 1,000, Drawings will be 16,000
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