Unit-15 Accounts From Incomplete Record-I

In this unit you will learn about the net worth method of ascertaining the profit of a business owned by a sole proprietor or a partnership firm.

The amounts of opening assets and closing amounts of a firm are Rs. 80,000 and Rs. 1,30,000 respectively, and the of amount of opening and closing external Liabilities are Rs 50,000 and Rs 80,000 respectively. Calculate the profit earned during the year under the following circumstances :

I)If there are no drawings made and no additional capital brought In by the proprietors:

II)If there are no drawings but Rs, 10,000 was Introduced as additional capital by one; of the partners

III)If drawings by the partners amounted to Rs,8,000 but no additional capital was introduced;

IV)If drawing by partners amounted to Rs, 8,000 and one of the partners had introduced Rs, 10,000 as additional capital during the year

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Learning Pundits Content Team

Written on Apr 24, 2019 1:40:29 PM

i) Rs. 20,000

ii) Rs. 10,000

iii) Rs. 28,000

iv) Rs. 18,000 

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