Question No 23 Chapter No 4
23. Rehman commenced business on 1st April 2018 with a capital of Rs 5,00,000. On 31st March 2019, his assets were worth Rs 4,50,000 and liabilities Rs 80,000. Find his closing capital and profit earned during the year.
The solution of Question No 23 Chapter No 4: –
| Assets | = | Closing Capital + Liabilities |
| ∴ Closing Capital | = | Assets – Liabilities |
| = | 4,50,000 – 80,000 | |
| Closing Capital | = | 3,70,000 |
| Profit | = | Closing Capital – Opening Capital |
| = | 3,70,000 – 3,00,000 | |
| = | 70,000 |
To understand more about Vouchers and Transaction please check out following links: –
What is Accounting Equation | Example
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Also, Check out the solved question of all Chapters: –
Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution
Chapter No. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
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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
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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)