Mr. Vasudev does not keep proper records of his business. He provided following information. You are required to prepare a statement showing the profit or loss for the year
Mr. Vasudev does not keep proper records of his business. He provided following information. You are required to prepare a statement showing the profit or loss for the year.
|  | ₹ |
| Owner’s Equity at the beginning of the year | 15,00,000 |
| Bills Receivable | 60,000 |
| Cash in Hand | 80,000 |
| Furniture | 9,00,000 |
| Building | 10,00,000 |
| Creditors | 6,00,000 |
| Stock in Trade | 2,00,000 |
| Further Capital Introduced | 3,20,000 |
| Drawings made during the period | 80,000 |
[Ans. Closing Capital ₹ 16,40,000; Loss ₹ 1,00,000.]
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