Calculate Closing Capital: Opening capital Rs.1,70,000: Profit for th

1.	Calculate Closing Capital: Opening capital Rs.1,70,000: Profit for the year Rs.1,20,000: Drawings Rs. 70,000. During the year proprietor sold ornaments of his wife for Rs.20,000 and invested the same in business.
Answer» Closing capital = Opening Capital + Profit + additional capital introduced – Drawings = 1,70,000 + 1,20,000 +20,000 – 70,000 = 3,10,000- 70,000 = Rs. 2,40,000

Calculate Closing Capital: Opening capital Rs.1,70,000: Profit for the year Rs.1,20,000: Drawings Rs. 70,000. During the year proprietor sold ornaments of his wife for Rs.20,000 and invested the same in business.

Answer»

Closing capital = Opening Capital + Profit + additional capital introduced – Drawings

= 1,70,000 + 1,20,000 +20,000 – 70,000

= 3,10,000- 70,000 = Rs. 2,40,000

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Calculate Closing Capital: Opening capital Rs.1,70,000: Profit for the year Rs.1,20,000: Drawings Rs. 70,000. During the year proprietor sold ornaments of his wife for Rs.20,000 and invested the same in business.

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