Tina commenced business on 1st January, 2014 with a capital of ` 6,00,000 and a loan of ` 40,000 borrowed from Citibank. On 31st December, 2015 his assets were ` 8,00,000. Calculate his closing capital and profits during the year. (b) If in the above case, the proprietor had introduced fresh capital ` 40,000 and had withdrawn ` 10,000 for personal purpose, calculate his profits.
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Answer:
1,30,000
Explanation:
Total Assets-800000
less:-opening capital 600000
less:-Additional cap 40000
Add:-Drawings 10000
less:-loan 40000
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