Under the Single Entry System, if opening capital is Rs 1,00,000, closing capital is Rs 90,000, and drawings are Rs 30,000 (no fresh capital), the profit is:
A. Rs 40,000
B. Rs 20,000
C. Rs 20,000 Loss
D. Rs 10,000 Loss
Answer: Option B
Solution (By JKSSB Mock Tests)
Profit = Closing Cap + Drawings - Opening Cap = 90,000 + 30,000 - 1,00,000 = Rs 20,000.
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