Solved: Finding the profit for the current year, Accounting Basics

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Finding the profit for the current year

Response to the following problem:

Mr. Murali keeps his books under single entry system.

Asset and liabilities on 31.3.02 and 31.3.03 stood as follows:

Sundry creditors 15000 30000

Furniture 15000 15000

Sundry Drs 75000 100000

Stock 35000 50000

Cash Balance 5000 60000

He introduced additional capital of 15000 during the yearand he withdrew 35000 for domestic purpose. Find out the profit for the year 2002-03

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Accounting Basics: Finding the profit for the current year

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Accounting Basics: Finding the profit for the current year

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