Surya maintains books on Single Entry System. He gives you the followi

Surya maintains books on Single Entry System. He gives you the following information:Capital on 1st April,2014 30,000 Capital on 1st April, 2015 32,800Drawings made during the period: April, 2014 to March, 2015 Rs.10,800.Capital introduced on 1st August, 2012 Rs. 5,000You are required to calculate the profit or loss made by Mohan.

Answer»

Statement of profit and loss for the year ended 31st March, 2015

Particulars	Rs.
Capital as on 1^stApril 2016	32,800
Add: Drawings made during the year	10,800
Less: Capital introduced on 1^stAugust, 2015	5,000
Adjusted capital on 1^st April, 2016	38,600
Adjusted capital on 1^st April, 2016	38,600
Less: Capital on 1^stApril 2015	30,000
Profit made during the year	8,600

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