Accounting · Single Entry System

Calculate the profit from the given information using the statement of affairs method: Mr. A owns a general store and does not maintain books under the double-entry system. Capital as of 31 March 2020 is Rs. 75,000. Mr. A withdrew Rs. 12,000 for personal use. He also introduced Rs. 12,500 as fresh capital into the business. On 31 March 2021, his assets and liabilities are as follows: total creditors worth Rs. 90,000, debtors worth Rs. 1,26,500, stock valued at Rs. 24,570, and cash at bank Rs. 25,000.