Calculate closing capital from the following information opening capital Rs 70,000, profit for the year Rs 20,000, drawings Rs 7,000. During the year proprietor sold ornaments of his wife for Rs 20,000 and invested the same in business.

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Solution

Closing Capital
= Opening Capital - Drawings + Additional Capital + Profit

= Rs. 70,000 - Rs. 7,000 + Rs. 20,000 +Rs. 20,000

= Rs. 1,03,000

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Calculate closing capital from the following information opening capital Rs 70,000, profit for the year Rs 20,000, drawings Rs 7,000. During the year proprietor sold ornaments of his wife for Rs 20,000 and invested the same in business.

Closing Capital = Opening Capital - Drawings + Additional Capital + Profit = Rs. 70,000 - Rs. 7,000 + Rs. 20,000 +Rs. 20,000 = Rs. 1,03,000

Closing Capital
= Opening Capital - Drawings + Additional Capital + Profit

= Rs. 70,000 - Rs. 7,000 + Rs. 20,000 +Rs. 20,000

= Rs. 1,03,000