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A firm had a Capital Balance of Rs. 1,00,000 at the beginning of a year. At the end of the year, the firm has total assets of Rs. 1,50,000 and total liabilities of Rs. 70,000. If the total withdrawals during the period were Rs. 30,000, what was the amount of net profit/net loss for the year:

A firm had a Capital Balance of Rs. 1,00,000 at the beginning of a year. At the end of the year, the firm has total assets of Rs. 1,50,000 and total liabilities of Rs. 70,000. If the total withdrawals during the period were Rs. 30,000, what was the amount of net profit/net loss for the year: Correct Answer Rs. 10,000 profit

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Stock Rs. 14,000; Debtors Rs. 20,000: Creditors Rs. 20,000; Credit balance of profit and loss account at the beginning of the year Rs. 18,000; administration and selling expenses Rs. 20,000; 10% dividend on equity capital Rs. 3,000.
The following ratios are also given:
Stock turnover: 5 times
Current ratio 2 : 1
Debtors collection period: 73 days
Outstanding expenses: 15% of creditors
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Rate of Income tax: 5%
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