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Get complete step-by-step solutions for Unimax class 11 - 2021 - Chapter No. 17 - Accounts from Incomplete Records - Single Entry System - Unimax +1. Study double-entry system details, practice timed problems, and verify answers directly.
Chapter No. 17 - Accounts from Incomplete Records - Single Entry System - Unimax +1
Question No 01 Chapter No 17 - Unimax Class 11
Anurag Keeps incomplete records of his business. He gives you the following information for the year ended 31st March,2020:
| ₹ | |
|---|---|
| Capital at the beginning of the year | 8,00,000 |
| Capital at the end of the year | 7,00,000 |
| Drawings made during the year | 3,50,000 |
| Additional capital introduced during the year | 40,000 |
You are required to calculate profit and loss made during the year
Statement of Profit & Loss
For the year ending 31st March,2020
| ₹ | |
|---|---|
| Capital at the end | 7,00,000 |
| Add: Drawings | 3,50,000 |
| 10,50,000 | |
| Less: Additional capital introduced | 40,000 |
| 10,10,000 | |
| Less: capital at the beginning | 8,00,000 |
| Profit made during the year | 2,10,000 |
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.