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As closing capital is Rs 165000. Opening capital is Rs 130000 additional capital Rs 20000 salary Rs 10000 drawings Rs 12000 and interest on drawings Rs 3000. What was the profit share?

Answer and explanation

Correct answer: Rs 20000

After applying known credits and debits balance before profit is Rs 145000. Profit share of Rs 20000 is needed to reach closing capital.

Related tags

Missing ProfitCapital ReconciliationFluctuating CapitalCapital AccountsPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq

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