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Question
Atul does not keep proper records of his business. He gives you the following information:
(₹)
Opening Capital
2,00,000
Closing Capital
2,50,000
Drawings made during the year
60,000
Capital added during the year
75,000
Calculate profit or loss for the year.
| (₹) | |||
| Opening Capital | 2,00,000 | ||
| Closing Capital | 2,50,000 | ||
| Drawings made during the year | 60,000 | ||
| Capital added during the year | 75,000 | ||
Calculate profit or loss for the year.
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Solution
Statement of Profit or Loss
for the year ended ….
Particulars
Amount
(Rs)
Capital at the end of the year
2,50,000
Add: Drawings made during the year
60,000
Less: Additional capital introduced during the year
75,000
Adjusted capital at the end of the year
2,35,000
Less: Capital in the beginning of the year
2,00,000
Profit made during the year
35,000
|
Statement of Profit or Loss
for the year ended ….
|
||
| Particulars | Amount (Rs) |
|
| Capital at the end of the year | 2,50,000 | |
| Add: Drawings made during the year | 60,000 | |
| Less: Additional capital introduced during the year | 75,000 | |
| Adjusted capital at the end of the year | 2,35,000 | |
| Less: Capital in the beginning of the year | 2,00,000 | |
| Profit made during the year | 35,000 | |
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