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Question 5 Chapter 3 - Unimax Publications of Class 11
5. Manmeet started a business on 1 April, 2020 with a capital of 90,000 and a Loan of 45,000 taken from B. During 2020-2021, he had introduced additional capital of 60,000 and had withdrawn Rs. 15,000 for personal use. On 31" March, 2021 his assets were Rs. 2,40,000. Find his capital as on 31 March, 2021 and profit made or loss incurred during the year 2020-2021.
| Closing Capital | =Closing Assets-Closing Liabilities |
| = 2,40,000-45,000 | |
| = 1,95,000 | |
| Profit | = Closing Capital + Drawing – Additional Capital - Opening Capital |
| =1,95,000+15,000-60,000-90,000 | |
| = 60,000 |
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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