Question - 04

Manveer started his business on january 01 2017 with a capital of Rs. 4,50,000 on December 31 2017 his position was as under :

Cash Rs. 99,000
Bills receivable Rs. 75,000
Plant Rs. 48,000
Land and building Rs. 1,80,000
Furniture Rs. 50,000
He owned Rs. 45,000 From his friend Susheel on that dare he withdrew Rs. 8,000 per month for his household purpose ascertain his profit or loss for this year ended December 31, 2017.