- 05/18/2019 at 4:25 pm #890722EduGorillaKeymasterSelect Question Language :
Mehta started his readymade garments business on April 1, 2004 with a
capital of Rs.50,000. He did not maintain his books according to double
entry system. During the year he introduced fresh capital of Rs.15,000.
He withdrew Rs.10,000 for personal use. On March 31, 2005, his assets
and liabilities were as follows: Total creditors Rs.90,000 ; Total
debtors Rs.1,25,600 ; Stock Rs.24,750 ; Cash at bank Rs.24,980.
Calculate profit or loss
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