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Mr. Manu started business with a capital of Rs.4,00,000 on 1st October, 2005. He borrowed from his friend a sum of Rs.1,00,000. He brought further Rs.75,000 as capital on 31st March 2006, his position was: Cash: Rs.30,000; Stock: Rs.4,70,000; Debtors: Rs.3,50,000 and Creditors: Rs.3,00,000. He withdrew Rs.8,000 per month during this period. Calculate profit or loss for the period.

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Statement of Affairs for the year ending March 31,2006

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