Y started a business on 1 January 2016 with a capital of 200000 and a loan of 75000 from the bank. During the year he introduced an additional capital of 60000 and had withdrawn 36000 for personal purposes. During the year he also paid a loan of 35000. On 31st December 2016, his assets were 380000. Find out his capital as on 31st December 2016 and profit earned during the yeaf.
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closing capital = 200000+60000-36000
=224000
=224000
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