Kelly started a business with £96,000 equity invested. During the year, she withdrew £15,000 in cash and £10,000 in goods for her own use. At the end of the first year she had an equity balance of £85,000. What was the profit/loss for the year? O A. Profit £14,000 O B. Loss £39,000 OC. Loss £25,000 o D. Loss £11,000
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- X had started business with $2,00,000 in the beginning of the year. During the year, he borrowed $1,00,000 from Y. He further introduced $2,00,000 in the business. He also gave $50,000 as loan to his son. Goods given away as charity by him were $20,000. Profits earned by him were $2,50,000. He also withdraw $30,000 from the business. His capital at the end of the year would be__________.Scott's camera shop started the year with total assets of 90000 and total liabilities of 50000 .During the year, the business earned revenues of 130000 and incurred expenses of 70000. Scott made no additional capital contributions during the year, but did make drawing of 60000. What is the amount of owners equity at the end of year ?A sole trader had opening capital of $10,000 and closing capital of $4,500. During the period, the owner introduced capital of $4,000 and withdrew $8,000 for her own use. Her profit or loss during the period was A $9,500 loss B $1,500 loss C $7,500 profit D $17,500 profit
- The profit made by a business in 20X7 was $35,400. The proprietor injected new capital of $10,200 during the year and withdrew a monthly salary of $500. If net assets at the end of 20X7 were $95,100, what was the proprietor's capital at the beginning of the year?The ending owner's equity of the business amounts to P100,000. The beginning assets and liabilities are P100,000 and P60,000 respectively. The owner contributed additional investments of P10,000 and incurred P15,000 expenses during the period. 6. How much is the net income?7. How much is the ending total assets assuming liabilities remain the same?8. How much is the total revenues?At 1 September 20X1 the balance on capital account of Hai (a sole trader) was R31 754. In the year to 31 August 20X2 he invested an additional amount of R40 000 of personal funds and took a loan of R80 000 for the business. The income statement for the year to 31 August 20X2 reported a profit of R48 634 and Hai’s drawings during the year were R28 500. What is Hai’s closing capital balance at 31 August 20X2?
- 6. P is a sole proprietor whose accounting records are incomplete. All the sales are cash sales and during the year $50,000 was banked, including $5,000 from the sale of a business car. He paid $12,000 wages in cash from the till and withdrew $2,000 per month as drawings. The cash in the till at the beginning and end of the year was $300 and $400 respectively. What were the sales for the year?(Explain your solution)Bridgerton invested P 200, 000 cash and equipment worth P 100, 000. Also P 50, 0000 worth of payable is to be assumed by the business. How much is the total Owner's equity? P 300, 000 P 350, 000 P 250, 000 P 200, 000 Bridgerton, owner of UR highness Laundry Shop purchased P 10, 000 worth of detergent to Sab Bonin Company on account. What will be the appropriate account titles for this transaction? Supplies Expense, Accounts Receivable Supplies, Cash Supplies Account Receivable Supplies Expense, Accounts PayableOn first August, Izah decided to start a sole proprietorship business with the following items; building RM400, 000; motor vehicles RM160, 000; fixtures & fittings RM120, 000; loan from bank RM100, 000; Cash at bank RM30, 000. What was the amount of capital that Izah contributed to the business?
- . A company began the accounting period with $50,000 in owner’s capital, ended with $75,000 in owner’s capital, and the owner withdrew $30,000 during the period for personal use. What was the company’s net income or loss for the period? a. $55,000 net income b. $30,000 net loss c. $5,000 net loss d. $5,000 net income e. none of the options listedJayantha commenced business on 1 January 2021 with equity of £90,000. During the year ending on 31 December 2021 he paid £ 94,000 to purchase goods for sale (all of which were sold) and £32,450 for various expenses. He received £139,500 from the sale of goods. Jayantha has drawn £12,000 in cash and introduced a motor car valued at £11,000 to the business. What is Jayantha's equity at 31 December 2021?Corp. open up a business with an investment of P50,300 on November 1, 2022 from his saving account to a business checking account and made payment for a small space month-rent, P20,000 and merchandise for presentation worth P20,000. During the operating month, the business incurred various expenses, P7,500 of which 25% remains to be paid next month. Mr. Hamon made all sales deposits directly to the bank and paid wages during the month amounting to P55,000 and P15,000, respectively. At the end of the month, a total of P3,250 for the water, electric and phone consumption bills were received but did not immediately pay it. At this point, the balance of business checking account increased to P43,200.How much is the November 30 Owner’s Equity balance if Mr. Hamon was able to withdraw cash during for the purchase of merchandise for trading amounting to P15,000?
