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Question

Raja started a business on 1st April 2015 with a capital of Rs. 1,00,000 and a loan of Rs. 50,000 borrowed from Ram. During 2015-16, he had introduced additional capital of Rs. 50,000 and had withdrawn Rs. 30,000 for personal use. On 31st March 2016, his assets were Rs. 3,00,000. Find out his capital as of 31st March 2016 and profit made or loss incurred during the year 2015-16.


Solution

Closing Capital = Closing Assets
- Closing Liabilities
= 3,00,000 - 50,000 
= Rs. 2,50,000 
Profit = Closing CApital + Drawings- Additional capital - Opening Capital 
= 2,50,000 + 30,000 - 50,000 - 1,00,000 
= Rs. 1,30,000.
 

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