Question

ram started a business with a capital of 400000 at the end of the year his total assets were 1000000 and external liabilities were for 450000 he further informs you that during the year he withdrew 50000 at 20% profit and brought that money into the business as additional capital. you are required to prepare a statement of Profit or loss under account form incomplete records method​

Answer 1

Answer:

ram started a business with a capital of 400000 at the end of the year his total assets were 1000000 and external liabilities were for 450000 he further informs you that during the year he withdrew 50000 at 20% profit and brought that money into the business as additional capital. you are required to prepare a statement of Profit or loss under account form incomplete records method