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Calculating Dates

Yogesh commen...

Question

Yogesh commenced business on 1st April, 2011 with a Capital of ₹ 5,00,000 and a loan of ₹ 1,00,000 borrowed from Citi Bank. On 31st March, 2012, his assets were ₹ 8,00,000. Calculate his closing capital and profits earned during the year.

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Solution

Opening Capital (Capital as on 1^st April, 2011) = Rs 5,00,000

*It is assumed that loan borrowed from Citi Bank has not been paid till the end of the accounting year.

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