A commenced his cloth business on $1^{\text {st }}$ April, $2018$ with a capital of $₹ 30,000$. On $31^{\text {st }}$ March $2019$ , his assets were worth $₹ 50,000$ and liabilities of $₹ 10,000$. Find out his closing capital and profits earned during the year.
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Closing = Assets -
Capital Liabilities
$= 50,000 - 10,000$
$= ₹ 40,000$
Profit = Closing Capital - Opening Capital
$= 40,000 - 30,000$
$= ₹ 10,000$
Capital Liabilities
$= 50,000 - 10,000$
$= ₹ 40,000$
Profit = Closing Capital - Opening Capital
$= 40,000 - 30,000$
$= ₹ 10,000$
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