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Get complete step-by-step solutions for T.S. Grewal ISC Class 11 Accountancy - Chapter 22 - Accounts from Incomplete Records. Study double-entry system details, practice timed problems, and verify answers directly.
Chapter 22 - Accounts from Incomplete Records
The following information of an accounting year is given: Opening Capital ₹ 60,000; Drawings ₹ 5,000; Capital added during the year ₹ 10,000 and Closing Capital ₹ 90,000. Calculate Profit or Loss for the year.
| Particulars | ₹ |
|---|---|
| Capital at the end of the year (Closing Capital) | 90,000 |
| Add: Drawings during the year | 5,000 |
| Less: Additional Capital introduced during the year | -10,000 |
| Less: Capital at the beginning of the year (Opening Capital) | -60,000 |
| Profit made during the year | 25,000 |
Answer: Profit made during the year = ₹ 25,000.
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