‘X’ commenced business on 1st April, 2013 with a capital of ₹ 6,00,000. On 31st March, 2014 his assets were worth ₹ 8,00,000 and liabilities ₹ 50,000. Find out his closing capital and profits earned during the year.
Download our app for free and get started
Closing Capital ₹ 7,50,000; Profit ₹ 1,50,000.
Download our appand get started for free
Experience the future of education. Simply download our apps or reach out to us for more information. Let's shape the future of learning together!No signup needed.*
Similar Questions
- 1View SolutionWhich transactions will:
- Decrease the Assets and Decrease the Capital.
- Increase the Assets and Increase the Liabilities.
- Increase the Assets and Decrease another Asset.
- Decrease the Assets and Decrease the Liabilities.
- 2View SolutionGive an example of a Voucher.
- 3View SolutionGive the rules of debit and credit of the three types of accounts.
- 4View SolutionWhat is an account?
- 5View SolutionEnumerate four advantages of Ledger.
- 6View SolutionWhat is Double Entry System of Book-keeping?
- 7View SolutionA furniture of book value of ₹ 15,000 was sold for ₹ 6,000 and new furniture was purchased for ₹ 20,000. Furniture Account is debited with ₹ _________.
- 8View SolutionWhat are the types of accounts? Give two examples of each.
- 9View SolutionWhat will be the effect of the following on the Accounting Equation.
- Purchased goods for ₹ 20,000 from Mahesh on Credit.
- Sold goods to Suresh costing ₹ 8,000 for ₹ 10,000 in cash.
- Paid Wages ₹ 500.
- Withdrew in cash for private use ₹ 2,000.
- Paid to creditors ₹ 5,000
- 10View SolutionIncrease in an Asset Account is recorded on its debit side. Give reason.