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From the given information, choose the most appropriate answer:
The net profit will be
- a)Rs. 600
- b)Rs. 500
- c)Rs. 550
- d)Rs. 700
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
From the given information, choose the most appropriate answer:The net...
Given Data:
- Opening Capital: Rs. 16,000
- Investment by Proprietor: Rs. Nil (0)
- Drawings: Rs. 3,000
- Capital at the End of the Year: Rs. 13,500
Calculation:
- Calculate the Expected Capital at Year End without Profit/Loss: Expected Capital = Opening Capital + Investment − Drawings
Expected Capital = 16,000 + 0 − 3,000 = Rs.13,000 - Determine the Effect of Net Profit/Loss: The actual ending capital is Rs. 13,500, which is Rs. 500 more than the expected capital without considering profit or loss (Rs. 13,000). This indicates a net profit.
- Calculate Net Profit: Net Profit = Capital at the End of the Year − Expected Capital
Net Profit = 13,500 − 13,000 = Rs.500
Based on the calculations, the net profit for the year would be Rs. 500. Therefore, the correct answer is B: Rs. 500.
Most Upvoted Answer
From the given information, choose the most appropriate answer:The net...
Investment by proprietor+ drawings+ closing capital= opening capital+ net profit
00+3000+13500= 16000+ N.P
N.P = 16500-16000
N.P=500
00+3000+13500= 16000+ N.P
N.P = 16500-16000
N.P=500
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From the given information, choose the most appropriate answer:The net profit will bea)Rs. 600b)Rs. 500c)Rs. 550d)Rs. 700Correct answer is option 'B'. Can you explain this answer?
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