{"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>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a9731df1ac9f\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"true\">\r\n                    Rs. 10,000 Profit                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    Rs. 20,000 Loss                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    Rs. 50,000 Loss                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    Rs. 10,000 Loss                <\/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: <strong>A. Rs. 10,000 Profit<\/strong><\/p>\n<p>To calculate the gross profit, <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> 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 <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> 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>Join Our Telegram Channel 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>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. 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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. 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