Answer:
2019:- 62000 Income ; 2020:- 24000 loss ; 2021:- 43000 Income
Explanation:
Assets - Liabilities = Capital (Closing / Opening both)
Profit = Closing Capital - Opening Capital + Drawings - Additional Capital
(Opening Capital = 1st Jan , Closing Capital = 31st Dec) here
2019
Closing Capital = Closing Assets - Closing Liabilities
400000 - 250000 = 150000
Profit = Closing Capital - Opening Capital + Drawings - Additional Capital
= 150000 - 100000 + 12000 = 62000 Income
2020
2020 Opening Capital = 2019 Closing Capital = 150000
Closing Capital = Closing Assets - Closing Liabilities
460000 - 300000 = 160000
Profit = Closing Capital - Opening Capital + Drawings - Additional Capital
160000 - 150000 - 34000 = 24000 loss
2021
2021 Opening Capital = 2020 Closing Capital = 160000
Closing Capital = Closing Assets - Closing Liabilities
590000 - 400000 = 190000
Profit = Closing Capital - Opening Capital + Drawings - Additional Capital
190000 - 160000 + 25000 - 12000 = 43000 Income