From the following information relating to the business of Mr. X who keeps books by Single entry ascertain the profits or loss for the year ended 31st March, 2023:

From the following information relating to the business of Mr. X who keeps books by Single entry ascertain the profits or loss for the year ended 31st March, 2023:

Mar. X withdrew ₹ 4,100 during the year to meet his household expenses. He introduced ₹ 600 as fresh capital. Machinery and furniture to be depreciated by 10% and 5% per annum respectively.

[Ans. Opening Capital ₹ 32,400; Closing Capital ₹ 35,600; Profit ₹ 4,900.]