Equity balances for Sen Widyaya appearing in the balance sheets of Widyayas Window Washing Services as at
Question:
Equity balances for Sen Widyaya appearing in the balance sheets of Widyaya’s Window Washing Services as at 30 June 2016, 2015 and 2014 are set out below:
30 June 2016 | 30 June 2015 | 30 June 2014 | |||
EQUITY Sen Widyaya, Capital | $27300 | $30000 | $28000 |
During 2014–15, Sen withdrew $25000 for personal use and also contributed additional capital of $8000. During 2015–16, he withdrew $10 000 capital from the business, and withdrew $15000 cash for his own use in anticipation of profits.
Required
Determine the profit/loss earned by the business in each of the 2 years ended 30 June 2016 and 30 June 2015.
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Related Book For
Accounting
ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett
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