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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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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