Question

Q1. X started business on 1st April, 2018 with a capital of Rs.50,000 and a loan of Rs.
25,000 taken from Y. During 2018-19 he had introduced additional capital of Rs. 25,000 and
had withdrawn Rs. 15,000 for personal use. On 31 March, 2019 his assets were
Rs.1,50,000. Find his capital as on 31st March, 2019 and profit made or loss incurred during
the year 2018-19.​

Answer 1

Answer:

Capital Amount as on 1st April, 2018 = Rs. 50000

Loan Liability as on 1st April, 2018 = Rs. 25000

Additional capital infuse to the business during FY-2018-2019 is = Rs. 25000

Withdrawn of capital for personal use during FY-2019-2020 is = Rs. 15000

His assets were at the end of FY-2019-2020 Rs. 150000

Solution : 

Closing Capital = Closing Assets - Closing Liailities(i.e., y's Loan)

= 1,50,000 - 25,000 = 1,25,000.

Profits = closing Capital + Darwing - Additional Capital- Opening Capital

= ₹ 1,25,000 + ₹15,000 - ₹ 25,000 - ₹ 50,000 = ₹65,000.

Profit = 65,000

Closing Capital/Capital on 31st March 2019 = 1,25,000

Answer 2

Explanation:

Solution:-

Opening Capital= capital (bought first i.e ₹50000) + Additional Capital - Drawings

= ₹50000 + ₹25000 - ₹15000

= ₹60000

Opening Liability = ₹ 25000

so, Opening Asset = Opening Capital + Opening Liability

= ₹ 60000 + ₹ 25000

= ₹ 85000

Profit at the end = Closing Asset - Opening Asset

= ₹150000 - ₹85000

= ₹65000

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