Question

Question 2.
Mayank does not keep proper records of his business, he gives you the following information:
Opening Capital – ₹ 1,00,000
Closing Capital – ₹ 1,25,000
Drawings during the year – ₹ 30,000
Capital added during the year – ₹ 37,500
Calculate the profit or loss for the year.

Answer 1

Answer:

calculate u will get the answer.....

Answer 2

This is question from accounting of incomplete record.

Explanation:

Accounting of incomplete record refers to a situation in which the organisation does not follow the double entry system method. In such situation also we can calculate the profit.

Calculation of Profit and Loss :

Closing Capital                                        125000

Add: Drawings                                          30000

Less: Capital Introduced                          (37500)

Less: Opening Capital                             (100000)

Profit :                                                         17500

Mayank made a profit of 17500 during the year.