Under the single entry system, if Closing Capital is Rs 50,000, Opening Capital is Rs 30,000, and Drawings are Rs 10,000, what is the profit?
A. Rs 20,000
B. Rs 40,000
C. Rs 30,000
D. Rs 10,000
Answer: Option C
Solution (By JKSSB Mock Tests)
Profit = Closing Capital + Drawings - Opening Capital = 50,000 + 10,000 - 30,000 = Rs 30,000.
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