{"id":54424,"date":"2024-04-16T00:09:56","date_gmt":"2024-04-16T00:09:56","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=54424"},"modified":"2024-04-16T00:09:56","modified_gmt":"2024-04-16T00:09:56","slug":"net-asset-of-a-business-on-1st-january-and-31st-january-are-rs-39000-and-rs-38000-respectively-additional-capital-and-drawing-made-by-owner-during-the-month-is-rs-2000-and-rs-6000-what-is-ne","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/net-asset-of-a-business-on-1st-january-and-31st-january-are-rs-39000-and-rs-38000-respectively-additional-capital-and-drawing-made-by-owner-during-the-month-is-rs-2000-and-rs-6000-what-is-ne\/","title":{"rendered":"Net asset of a business on 1st January and 31st January are Rs. 39,000 and Rs. 38,000 respectively. Additional capital and drawing made by owner during the month is Rs. 2,000 and Rs. 6,000. What is net income earned during the month of January?"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a97816d36144\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"true\">\r\n                    Rs. 1,000 (Loss)                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    Rs. 3,000                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    Rs. 5,000                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    Rs. 4,000                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is: A. Rs. 1,000 (Loss)<\/p>\n<p>Net income is calculated by taking the net assets at the end of the period and subtracting the net assets at the beginning of the period, plus any additional capital invested and minus any drawings made. In this case, the net assets at the end of the period are Rs. 38,000, the net assets at the <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div> beginning of the period are Rs. 39,000, additional capital invested is Rs. 2,000, and drawings made are Rs. 6,000. Therefore, the net income is calculated as follows:<\/p>\n<p>Net income = (38,000 &#8211; 39,000 + 2,000 &#8211; 6,000) = -1,000<\/p>\n<p>Since the net income is negative, the business has made a loss of Rs. 1,000 during the month of January.<\/p>\n<p>Here is a brief explanation of each option:<\/p>\n<ul>\n<li>Option A: Rs. 1,000 (Loss) is the correct answer.<\/li>\n<li>Option B: Rs. 3,000 is incorrect. This is the amount of additional capital invested during the month of January.<\/li>\n<li>Option C: Rs. 5,000 is incorrect. This is the amount of net assets <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> at the end of the month of January.<\/li>\n<li>Option D: Rs. 4,000 is incorrect. This is the amount of drawings made during the month of January.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Net asset of a business on 1st January and 31st January are Rs. 39,000 and Rs. 38,000 respectively. Additional capital and drawing made by owner during the month is Rs. 2,000 and Rs. 6,000. 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Additional capital and drawing made by owner during the month is Rs. 2,000 and Rs. 6,000. What is net income earned during the month of January?","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/net-asset-of-a-business-on-1st-january-and-31st-january-are-rs-39000-and-rs-38000-respectively-additional-capital-and-drawing-made-by-owner-during-the-month-is-rs-2000-and-rs-6000-what-is-ne\/","og_locale":"en_US","og_type":"article","og_title":"Net asset of a business on 1st January and 31st January are Rs. 39,000 and Rs. 38,000 respectively. Additional capital and drawing made by owner during the month is Rs. 2,000 and Rs. 6,000. 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