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X' commenced business on 1st April, 2013...

X' commenced business on 1st April, 2013 with a capital of Rs.6,00,000. On 31st March, 2014 his assets were worth Rs. 8,00,000 and liabilities Rs. 50,000. Find out his closing capital and profits earned during the year.

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Closing Capital Rs.7,50,000, Profit Rs.1,50,000.
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