[ISC] Q 9 Solution Accounts from Incomplete Records TS Grewal Class 11 (2022-23)

Solution of Question number 9 Accounts from Incomplete Records TS Grewal class 11 ISC 2022-23?

Raj commenced business on 1st April, 2021 with a capital of ₹ 1,00,000. He immediately bought furniture and fixture for ₹ 20,000. On 30th September, 2021, he borrowed from his wife ₹ 50,000 @ 9% p.a. (interest not yet paid) and introduced a further capital of his own amounting to ₹ 15,000. Raj drew @ ₹ 3,000 p.m. at the end of each month for household expenses. On 31st March, 2022, his financial position was as under:

Calculate Profit or Loss of Raj for the year ended 31st March, 2022.

Solution:-

Working Notes:-

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