Following is the position statement of Md Irfan (who maintains his accounts in incomplete system) as on 31-03-2019 and 31-03-2020.
Particulars |
31-03-2019 |
31-03-2020 |
|
Amount in Rs. |
Amount in Rs. |
Cash |
20,000 |
18,000 |
Sundry Debtors |
78,000 |
90,000 |
Stock |
68,000 |
64,000 |
Machinery |
1,40,000 |
1,30,000 |
Sundry Creditors |
29,000 |
29,000 |
Bills Payable |
5,000 |
10,000 |
During 2019-20, he introduced Rs. 15,000 as new capital and withdrew Rs. 4,000 per month for his personal use. Ascertain his profit for the year ending 31-03-2020.