Q1914
Capital of firm in the beginning of a financial year was Rs. 1,00,000. At the end, total assets were Rs. 1,50,000 and total liabilities were Rs. 70,000. If total drawing during the year was Rs. 30,000, what is the gross profit or gross loss?
A.
Rs. 10,000 Profit
AnswerB.
Rs. 20,000 Loss
C.
Rs. 50,000 Loss
D.
Rs. 10,000 Loss
Answer: Option A
Solution
Answer: Option A
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