1.

Mrs. Anu started a firm with a capital Rs. 4,00,000 on 1st July, 2016. She borrowed from her friends a sum Rs. 1,00,000 10% per annum (interest paid) for business and brought a further amount to capital Rs. 75,000 on 31st December, 2016. Her position was: ItemsAmt. (Rs.)Cash30,000Stock4,70,000Debtors3,50,000Creditors3,00,000 She withdraw Rs. 8,000 per month for the year. Calculate profit or loss for the year and show your working clearly.

Answer»

Mrs. Anu started a firm with a capital Rs. 4,00,000 on 1st July, 2016. She borrowed from her friends a sum Rs. 1,00,000 10% per annum (interest paid) for business and brought a further amount to capital Rs. 75,000 on 31st December, 2016.
Her position was:

ItemsAmt. (Rs.)Cash30,000Stock4,70,000Debtors3,50,000Creditors3,00,000

She withdraw Rs. 8,000 per month for the year. Calculate profit or loss for the year and show your working clearly.



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