Single Entry System Solution TS Grewal Class 11

Single Entry System Solution TS Grewal Class 11

Question 1:
Following information of an accounting year is given:
Opening Capital ₹ 60,000; Drawings ₹ 5,000; Capital added during the year ₹ 10,000 and Closing Capital ₹ 90,000. Calculate the Profit or Loss for the year.

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Question 2:
Pankaj maintains his books of account on Single Entry System. He provides following information from his books.
Find out additional capital introduced in the business during the year 2022-23.
Opening Capital – ₹ 1,30,000
Drawings during the year – ₹ 50,000
Closing Capital – ₹ 2,00,000
Profit made during the year – ₹ 1,00,000.