Pls help i want it now
1 answer:
You might be interested in
In case there is no double entry system is followed, profit can be calculated by comparing the opening and closing capital. In the given situation this can be calculated as:
Opening Capital Rs.200000
Add: Capital Introduced Rs.200000
Add: Profit for the year Rs. 250000
Less: Loss for the year Rs.NIL
Less: Drawings Rs. 30000
--------------------
Capital at the end of the year Rs.620000
-------------------
Loan taken is a liability and loan given is asset, that will not affect the capital.
<h2>ƑƠԼԼƠƜ MЄ❤</h2>