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Question 6 Chapter 3 – Unimax Publications of Class 11
6. On 31st March, 2021 the total assets and external Liabilities were Rs. 3,00,000 and Rs. 9,000, respectively. During the year, the proprietor had introduced additional capital of Rs. 30,000 and had withdrawn Rs. 18,000 for personal use. He made a profit of Rs. 30,000 during the year. Calculate the capital as on 1 April, 2020.
The solution of Question 6 Chapter 3 – Unimax Publications of Class 11
| Closing Capital | =Closing Assets-Closing External Liabilities |
| = 3,00,000-9,000 | |
| = 2,91,000 | |
| Opening Capital | = Closing Capital + Drawing – Additional Capital – Profit |
| = 2,91,000+ 18,000 – 30,000 – 30,000 | |
| = 2,49,000 |
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