alleryStart learning →Opening capital Rs 2,50,000, closing capital Rs 2,10,000, drawings Rs 30,000. What is the result for the year?
AProfit Rs 70,000
BProfit Rs 10,000
CLoss Rs 40,000
DLoss Rs 10,000
Answer & Solution
Correct answer: D. Loss Rs 10,000
Capital fell by 40,000 but 30,000 was withdrawn, so profit = -40,000 + 30,000 = -10,000, a loss of 10,000.
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