If opening capital is Rs 1,00,000, closing capital is Rs 1,50,000, and drawings are Rs 20,000, what is the profit for the year assuming no additional capital?
A. Rs 50,000
B. Rs 70,000
C. Rs 1,70,000
D. Rs 30,000
Answer: Option B
Solution (By JKSSB Mock Tests)
Profit = Closing Capital + Drawings - Opening Capital. Profit = 1,50,000 + 20,000 - 1,00,000 = Rs 70,000.
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