X started a business on first april 2012 with a capital of rupees 50000 and loan of rs 25000 borrowed from Y. during 2012 -2013 he had introduced additional capital of rs 25000 and had withdrawn rs 15000 for personal use. on 31st march 2013 his assets were rs 150000 find out his capital as on 31st march 2013 and profit made or loss incurred during the year 2012-2013
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TOTAL ASSESTS = 150000
(-)ALL LIABILITIES i.e
loan borrowed from y (-) 25000
--------------------
the balance what we get here is the closing capital = 125000
therefore the closing capital =125000
(+) drawings for personal 15000
------------
the balance is 140000
(-) additional capital introduced (-) 25000
------------
the balance is adjusted closing capital 115000
less: opening capital (-) 50000
----------------
the balance what we get is the net profit = 65000
for the year 2012-2013
(-)ALL LIABILITIES i.e
loan borrowed from y (-) 25000
--------------------
the balance what we get here is the closing capital = 125000
therefore the closing capital =125000
(+) drawings for personal 15000
------------
the balance is 140000
(-) additional capital introduced (-) 25000
------------
the balance is adjusted closing capital 115000
less: opening capital (-) 50000
----------------
the balance what we get is the net profit = 65000
for the year 2012-2013
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