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The opening Capital of a concern is Rs.30000/-
owner withdral for personal use Rs.28000/-
Closing capital balance of concern is Rs.37000/-
choose the correct answer from the following.
1.Net Loss Rs.14000/-
2.Net Profit Rs.35000/-
3.Net profit Rs.14000/-
4.Net Loss Rs.35000/-
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Answer Posted / satish
Closing capital-Opening Capital=Net Profit
Closing Capital=37000
Opening Capital=30000-28000(withdrawal for personal use)
That means=2000
Ex:-O/capital entry:-cash A/C .........Dr 30000
To CapitalA/C.....Cr /30000
When with drawal cash for personal use
make an entry is:-capitalA/c........Dr 28000
To Drawings A/C...Cr /28000
Remaining Opening Capital is 2000 only
So,net profit=Closing Capital- opening capital
=37000-2000
=35000 net Profit
| Is This Answer Correct ? | 1 Yes | 0 No |
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