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Mohan a retail merchant commenced business with a capital of Rs.12,000 on 1-1-94. Subsequently on 1-5-94 he invested further capital of Rs.5,000. During the year, he was withdrawn Rs.2,000 for his personal use. On 31-12-94, his assets and liabilities were as follows:- Rs. Cash at Bank 3,000 Debtors 4,000 Stock 16,000 Furniture 2,000 Creditors 5,000 Calculate the Profit or Loss made during the year 1994. |
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