Question

started business with a capital of Rs 2 lakh more ever he took a loan from bank of rupees 50000 on 31st December 2011 his assets were rupees 400000 during the year proprietor had introduced a additional capital of rupees 30000 and withdrawn rupees 7000 for personal use calculate profit​

Answer 1

Answer:

In case there is no double entry system is followed, profit can be calculated by comparing the opening and closing capital. In the given situation this can be calculated as:

Opening Capital Rs.200000

Add: Capital Introduced Rs.200000

Add: Profit for the year Rs. 250000

Less: Loss for the year Rs.NIL

Less: Drawings Rs. 30000

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Capital at the end of the year Rs.620000

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Loan taken is a liability and loan given is asset, that will not affect the capital.

Explanation:

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