Rohan commenced his cloth business on 1st April ,2019 with a capital of ₹7,50,000 and a loan of ₹2,00,000 taken from Punjab National Bank. On 31st March, 2020 his assets were ₹15,00,000. During the year the proprietor had introduced additional capital of ₹1,25,000 and had withdrawn ₹40,000 for personal purposes. Find out his closing capital and profits earned during the year.
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Closing CapitalProfit====Closing Assets - Closing Liabilities
Rs.7,80,000 - Rs.70,000 = Rs.7,10,000
Closing Capital - Opening Capital
Rs.7,10,000 - Rs.5,00,000 = Rs.2,10,000
Explanation:
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