Mr. Samrat does not keep proper books of accounts. He gives you the following information: Opening Capital ₹ 7,00,000
Mr. Samrat does not keep proper books of accounts. He gives you the following information:
You are required to calculate profit or loss during the year by statement of affairs method.
[Ans. Profit ₹ 1,05,000]
| ₹ | |
| Opening Capital | 7,00,000 |
| Additional Capital introduced during the year | 1,75,000 |
| Closing assets and liabilities | |
| Stock | 1,60,000 |
| Debtors | 90,000 |
| Building | 4,00,000 |
| Machinery | 2,50,000 |
| Cash in Hand | 1,00,000 |
| Creditors | 80,000 |
| Drawings during the year | 60,000 |
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