Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 24 Chapter No 4
24. Parveen commenced business on 1st April 2018 with a capital of Rs 5,00,000 and a loan of Rs 1,00,000 from LIC Housing Finance Co. On 31st March 2018, hiss assets were worth Rs 6,00,000 and Loan pending Rs 70,000 He introduced further capital Of Rs 60,000 and had withdrawn Rs 40,000 for personal use. Find out his capital on 31st March 2018 and profit or loss during the year 2017-18
| Assets | = | Closing Capital + Liabilities |
| ∴ Closing Capital | = | Assets – Liabilities |
| = | 6,00,000 – 70,000 | |
| Closing Capital | = | 5,30,000 |
| Closing Capital | = | Closing Capital – further Capital + Drawing |
| = | 5,30,000 – 60,000 + 40,000 | |
| = | 5,10,000 | |
| Profit | = | Closing Capital – Opening Capital |
| = | 5,10,000 – 5,00,000 | |
| = | 10,000 |
https://tutorstips.com/accounting-equation/
Thanks, Please Like and share with your friends
Comment if you have any question.
Also, Check out the solved question of all Chapters: –
Chapter No. 2 - Theory Base of Accounting
Chapter No. 3 - Origin of Transactions
Chapter No. 4 - Vouchers and transactions
Chapter No. 6 - Accounting for Goods and Services Tax(GST)
Chapter No. 9 - Other Subsidiary Books
Chapter No. 10 - Journal Proper
Chapter No. 11 - Trial Balance
Chapter No. 12 - Bank Reconciliation Statement
Chapter No. 14 - Provisions and Reserves
Chapter No. 15 - Bills of Exchange
Chapter No. 16 - Rectification of Errors
Chapter No. 17 - Financial Statements - (Without Adjustments)
Chapter No. 18 - Financial Statements - (With Adjustments)
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.
This guide covers "Question No 24 Chapter No 4 - USHA Publication 11 Class", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +1 Elements of Book-Keeping.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question No 24 Chapter No 4 - USHA Publication 11 Class" instantly.
