Question

Parveen commenced business on 1st April, 2017 with a capital of `5,00,000 and a loan of ` 1,00,000 from
LIC Housing Finance Co. On 31st March, 2018, his assets were worth `6,00,000 and loan pending
`70,000. He introduced further capital of `60,000 and had withdrawn `40,000 for personal use.
Find out his capital on 31st March, 2018 and profit or loss during the year 2017-18.

Answer 1

Answer:

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Explanation:

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