A started business on 1st April, 2017 with a capital of ?1,10,000 & took loan from bank ?40,000. At
the end of the year on 31st March, 2018, his assets were for ?2,50,000, creditors for ?70,000. Bank
loan has not been paid so far, however, interest on loan has been paid. Find the closing capital and
profit earned during the year.
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