If the capital of a business is Rs. 5,00,000 and liablilites are Rs. 1,00,000, Loss Rs. 60,000, Calculate the total assets of the business.
Total Assets = 5,00,000+1,00,000-60,000 = 5,40,000.
X & Y started business on 1st April 2017 with capitals of Rs 5,00,000 & Rs 3,00,000 resp. There is no withdrawal or addition of capital during the year.
Calculate the interest on capital @ 12% p.a. if the books of accounts are closed on 31st March 2018.
Total opening balances of assets and liabilities are Rs. 10,000 and Rs. 5,000 respectively. Find out the opening capital of the business?