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Question

Drawings Rs 15,000, profit for the year Rs 25,000, closing capital Rs 70,000. Calculate the opening capital.


Solution

Profit = Closing Capital + Drawings

               - Additional Capital - Opening Capital

Rs 25,000 = Rs 70,000 + Rs 15,000

                      - 0 - Opening Capital

Opening Capital = Rs 85,000 - Rs 25,000 = Rs 60,000.

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