Surender Mohan started business on 1st April,2019 with 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 On 31st March ,2020 his assets were ₹15,00,000.The proprietor had introduced additional capital of ₹1,25,000 and had withdrawn ₹40,000 for personal purposes, find out the profit.
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Answer:
Capital on March 31,2015 = Assets - Loan from shyam
= Rs.75,000 - 12,500
= Rs.62,500
Profit (or Loss) during the year 2014-15
capital on march31,2015 + drawings-(Additional capital + capital on april 01,2014)
= rupees 62,500 + rupees7,500-(rupees12,500+rupees25,000)
=rupees70,000-rupees37,500
=rupees 32,500
Explanation:
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