CA CPT Model Test Paper 9 with solutions for online practice

A started business on Jan 1 with a capital of Rs. 40,000. On 31st Dec, his position was Creditors Rs. 4,700, machinery Rs. 40,000, furniture Rs. 2,000, Debtors Rs. 1,300, Cash Rs. 15,000. He made drawings @ Rs. 200 per month and Rs. 1,000 which he brought on 1st Oct. in the business as further capital. Business profit will be