Under single entry, closing capital is ₹2,00,000; opening capital ₹1,50,000; drawings ₹20,000; additional capital ₹10,000. Profit for the year is:
A. ₹60,000
B. ₹70,000
C. ₹40,000
D. ₹50,000
Answer: Option A
Solution (By JKSSB Mock Tests)
Profit = Closing capital + Drawings - Opening capital - Additional capital = 2,00,000 + 20,000 - 1,50,000 - 10,000 = ₹60,000.
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