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Question
Mr. Poonawala keeps his books under the Single Entry System and gives the following information.
Capital as of 31.3.2017 – ₹ 60,000
Capital as on 31.3.2018 – ₹ 1,00,000
Drawings made during the year ₹ 2,000
Additional capital introduced during the year ₹ 12,000
Calculate Profit or Loss during the year.
Solution
| In the books of Mr. Poonawala | ||
| Statement of Profit or Loss for the year ended 31st March 2018 | ||
| Particulars | Amt. (₹) | Amt. (c) |
| Capital as on 31e March, 2018 | 1,00,000 | |
| Add: Drawings during the year | 2,000 | |
| 1,02,000 | ||
| Less: Additional capital introduced during the year | 12,000 | |
| Adjusted closing capital | 90,000 | |
| Less: Capital as on 31st March, 2017 | 60,000 | |
| Profit during the year | 30,000 | |
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