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Question
What is the amount of capital of the proprietor, if his assets are ₹ 85,000 and liabilities are ₹ 21,000?
Options
₹ 85,000
₹ 1,06,000
₹ 21,000
₹ 64,000
Solution
₹ 64,000
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| Particulars | ₹ |
| Capital as on 1st January 2018 | 2,20,000 |
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| Drawings made during the year | 50,000 |
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| Capital as on 1st April, 2018 | 40,000 |
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| Profit for the year | 8,000 |
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| Particulars | ₹ | Particulars | ₹ |
| Sundry creditors | 6,00,000 | Bills payable | 1,20,000 |
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| Land and building | 3,00,000 | Bills receivable | 60,000 |
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| Particulars | ₹ | Particulars | ₹ |
| Bank overdraft | 50,000 | Stock-in-trade | 1,60,000 |
| Debtors | 1,80,000 | Creditors | 90,000 |
| Bills receivable | 70,000 | Bills payable | 2,40,000 |
| Computer | 30,000 | Cash in hand | 60,000 |
| Machinery | 3,00,000 |
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