Response to the following problem:
Mr. Murali keeps his books under single entry system.
Asset and liabilities on 31.3.02 and 31.3.03 stood as follows:
Sundry creditors 15000 30000
Furniture 15000 15000
Sundry Drs 75000 100000
Stock 35000 50000
Cash Balance 5000 60000
He introduced additional capital of 15000 during the yearand he withdrew 35000 for domestic purpose. Find out the profit for the year 2002-03