{"id":55925,"date":"2024-04-16T00:35:45","date_gmt":"2024-04-16T00:35:45","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=55925"},"modified":"2024-04-16T00:35:45","modified_gmt":"2024-04-16T00:35:45","slug":"capital-of-firm-in-the-beginning-of-a-financial-year-was-rs-100000-at-the-end-total-assets-were-rs-150000-and-total-liabilities-were-rs-70000-if-total-drawing-during-the-year-was-rs-30000","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/capital-of-firm-in-the-beginning-of-a-financial-year-was-rs-100000-at-the-end-total-assets-were-rs-150000-and-total-liabilities-were-rs-70000-if-total-drawing-during-the-year-was-rs-30000\/","title":{"rendered":"Capital of firm in the beginning of a financial year was Rs. 1,00,000. At the end, total assets were Rs. 1,50,000 and total liabilities were Rs. 70,000. If total drawing during the year was Rs. 30,000, what is the gross profit or gross loss?"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;Rs. 10,000 Profit&#8221; option2=&#8221;Rs. 20,000 Loss&#8221; option3=&#8221;Rs. 50,000 Loss&#8221; option4=&#8221;Rs. 10,000 Loss&#8221; correct=&#8221;option1&#8243;]<!--more--><\/p>\n<p>The correct answer is: <strong>A. Rs. 10,000 Profit<\/strong><\/p>\n<p>To calculate the gross profit, we can use the following formula:<\/p>\n<p>Gross profit = Total assets &#8211; Total liabilities &#8211; Capital<\/p>\n<p>In this case, we have:<\/p>\n<ul>\n<li>Total assets = Rs. 1,50,000<\/li>\n<li>Total liabilities = Rs. 70,000<\/li>\n<li>Capital = Rs. 1,00,000<\/li>\n<\/ul>\n<p>Therefore, the gross profit is:<\/p>\n<p>Gross profit = Rs. 1,50,000 &#8211; Rs. 70,000 &#8211; Rs. 1,00,000 = Rs. 10,000<\/p>\n<p>The other options are incorrect because they do not take into account the total assets and total liabilities of the firm.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;Rs. 10,000 Profit&#8221; option2=&#8221;Rs. 20,000 Loss&#8221; option3=&#8221;Rs. 50,000 Loss&#8221; option4=&#8221;Rs. 10,000 Loss&#8221; correct=&#8221;option1&#8243;]<\/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":[],"class_list":["post-55925","post","type-post","status-publish","format-standard","hentry","category-accounting","no-featured-image-padding"],"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>Capital of firm in the beginning of a financial year was Rs. 1,00,000. At the end, total assets were Rs. 1,50,000 and total liabilities were Rs. 70,000. If total drawing during the year was Rs. 30,000, what is the gross profit or gross loss?<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/capital-of-firm-in-the-beginning-of-a-financial-year-was-rs-100000-at-the-end-total-assets-were-rs-150000-and-total-liabilities-were-rs-70000-if-total-drawing-during-the-year-was-rs-30000\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Capital of firm in the beginning of a financial year was Rs. 1,00,000. At the end, total assets were Rs. 1,50,000 and total liabilities were Rs. 70,000. If total drawing during the year was Rs. 30,000, what is the gross profit or gross loss?\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;Rs. 10,000 Profit&#8221; option2=&#8221;Rs. 20,000 Loss&#8221; option3=&#8221;Rs. 50,000 Loss&#8221; option4=&#8221;Rs. 10,000 Loss&#8221; correct=&#8221;option1&#8243;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/capital-of-firm-in-the-beginning-of-a-financial-year-was-rs-100000-at-the-end-total-assets-were-rs-150000-and-total-liabilities-were-rs-70000-if-total-drawing-during-the-year-was-rs-30000\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-16T00:35:45+00:00\" \/>\n<meta name=\"author\" content=\"rawan239\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rawan239\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Capital of firm in the beginning of a financial year was Rs. 1,00,000. At the end, total assets were Rs. 1,50,000 and total liabilities were Rs. 70,000. If total drawing during the year was Rs. 30,000, what is the gross profit or gross loss?","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\/capital-of-firm-in-the-beginning-of-a-financial-year-was-rs-100000-at-the-end-total-assets-were-rs-150000-and-total-liabilities-were-rs-70000-if-total-drawing-during-the-year-was-rs-30000\/","og_locale":"en_US","og_type":"article","og_title":"Capital of firm in the beginning of a financial year was Rs. 1,00,000. At the end, total assets were Rs. 1,50,000 and total liabilities were Rs. 70,000. If total drawing during the year was Rs. 30,000, what is the gross profit or gross loss?","og_description":"[amp_mcq option1=&#8221;Rs. 10,000 Profit&#8221; option2=&#8221;Rs. 20,000 Loss&#8221; option3=&#8221;Rs. 50,000 Loss&#8221; option4=&#8221;Rs. 10,000 Loss&#8221; correct=&#8221;option1&#8243;]","og_url":"https:\/\/exam.pscnotes.com\/mcq\/capital-of-firm-in-the-beginning-of-a-financial-year-was-rs-100000-at-the-end-total-assets-were-rs-150000-and-total-liabilities-were-rs-70000-if-total-drawing-during-the-year-was-rs-30000\/","og_site_name":"MCQ and Quiz for Exams","article_published_time":"2024-04-16T00:35:45+00:00","author":"rawan239","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rawan239"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/exam.pscnotes.com\/mcq\/capital-of-firm-in-the-beginning-of-a-financial-year-was-rs-100000-at-the-end-total-assets-were-rs-150000-and-total-liabilities-were-rs-70000-if-total-drawing-during-the-year-was-rs-30000\/","url":"https:\/\/exam.pscnotes.com\/mcq\/capital-of-firm-in-the-beginning-of-a-financial-year-was-rs-100000-at-the-end-total-assets-were-rs-150000-and-total-liabilities-were-rs-70000-if-total-drawing-during-the-year-was-rs-30000\/","name":"Capital of firm in the beginning of a financial year was Rs. 1,00,000. 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