Question No 23 Chapter No 4

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. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

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)

 

 

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