Question 16.
From the following information relating to the business of Mr. X who keeps books on Single Entry System, ascertaint the profit or loss for the year 2017-18:
Mr. X withdrew ₹ 4,100 during the year to meet his household expenses. He introduced ₹ 300 as fresh capital on 15th January, 2018. Machinery and Furniture are to be depreciated at 10% and 5% p.a. respectively.
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The profit made during the year amounts to Rs 4,900
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The answer are stated below:
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