Question

Find the total at assets at the end of the year if the net profit, drawing during the year and assets at the beginning of the year were 12,000, 7,000 and 15,000 respectively.

• A. 20,000
• B. 10,000
• C. 9,000
• D. 8,000

Answer 1

The correct option is A 20,000

Calculation of total assets at the end of the year :-

Assets in the beginning of the year =Rs 15000

Less : Drawing made during the year (7000)

Add : Net profit for the year 12000

= Rs 20000