X started a business on 1st April 2015 with the capital of Rs 100000 and a loan of Rs 150000 borrowed from y during 2015-16 he had introduced additional capital of rupees 50000 and had withdrawn rupees 30000 for personal use on 31st March 2016 his assets Rs 300000 find out of capital as on 31st March and profit made or loss incurred during the year 2015-16
Answers
The closing capital will be ₹1,20,000
The loss will be ₹30,000
Hope this helps
Given ,
opening capital =1,00,000
liability (loan)=150000
additional capital = 50000
Drawings = 30000
asset on year ended =300000
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closing capital = asset on year ended - liabilities on year ended
= 300000-150000
=150000
therefore , closing capital = 150000
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Closing capital = opening capital + additional capital - drawing +profit
150000 = 100000+50000-30000+profit
150000 =120000+profit
profit = 150000-120000
Profit =30000
Therefore profit for year 2015-16 = 30000
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