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A commenced business on 1st April,2011 w...

A commenced business on 1st April,2011 with a Capital of Rs. 5,00,000. On 31st March, 2012, hisn assets were worth Rs. 7,80,000 and liabilities Rs. 70,000. Find out his closing capital and profits earned during the year.

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`{:("Closing Capital",=,"Closing Assets - Closing Liabilities"),(,=,"Rs.7,80,000 - Rs.70,000 = Rs.7,10,000"),("Profit",=,"Closing Capital - Opening Capital"),(,=,"Rs.7,10,000 - Rs.5,00,000 = Rs.2,10,000"):}`
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