Over a year the capital account shown in a business balance sheet has increased by 17,800. During

Question:

Over a year the capital account shown in a business balance sheet has increased by £17,800. During the year the proprietor paid a legacy of £4,000 into the business bank account. His drawings for the year amounted to £19,500.

Required

Calculate the profit or loss made by the business during the year.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Introducing Accounting For AS

ISBN: 9780340959404

2nd Edition

Authors: Ian Harrison

See More Books

Question Posted: Aug 21, 2023 09:46 AM

See More Questions

The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-6. On December 12, Irene purchased the building where her store is located. She paid...
Carol Harris, Ph.D, CPA, is a single taxpayer and she lives at 674 Yankee Street, Durham, NC 27409. Her Social Security number is 793-52-4335. Carol is an Associate Professor of Accounting at a local...
Determine the void ratio of a soil if its bulk density is 2.06 g/cc and it has a moisture content of 24 percent. The specific gravity of the soil particles is 2.75. Also, determine its dry density...
When the records of Aoki Corporation were reviewed at the close of 2011, the errors listed below were discovered. For each item, indicate by a check mark in the appropriate column whether the error...
Discuss what is meant by the tone at the top and why it is important. Further, discuss whether you feel it is ethical to be a whistle-blower.
Discuss the strengths and weaknesses of consumer-oriented and trade-oriented sales promotions.
This year Burchard Company sold 40,000 units of its only product for $25 per unit. Manufacturing and selling the product required $200,000 of fixed manufacturing costs and $325,000 of fixed selling...
TYPED Problem 10-3A Make or buy LO P1 Haver Company currently produces component RX5 for its sole product. The current cost per unit to manufacture the required 63.000 units of RX5 follows Direct...
The net assets of a business have increased over the year by 2,750. The proprietor paid into the business bank account 35,000, withdrawn from her personal building society account. During the year...
A proprietors capital account increased over the year by 12,700. She paid a 50,000 premium bond win into the business bank account during the year. Required Calculate the profit or loss made by the...
What is the role of the Public Company Accounting Oversight Board in the audit of financial statements?
Find the average value fave of the function f on the given interval. f(x) = x (x3+10) 2' [-1, 1] fave = | X
Hickman Aviomes's actual sales and purchases for April and May are shown here along with forecasted sales and purchases for Jane theough September April(actual) May cactual) Jane (forecast) July...
Togo's Sandwiches acquired equipment on April 1, 2024, for $18,000. The company estimates a residual value of $2,000 and a five- year service life. Required: 1. Calculate depreciation expense using...
Change the session date to July 8, 2024. Create shortcuts or change modules and enter the following transactions. NOTE: Deposits and withdrawals, except credit card transactions, use Bank: Chequing...
Determine the intervals on which the function f(x) = 1 x + 2/3 4 3 -x - 1 2 - -2x is increasing and the intervals on which it is decreasing. f(x) is increasing for x = (-2, -1) U (1,) and decreasing...
Why does water vapor in the air condense when the air is chilled?
If someone's Z-score for a variable was 0.67. Their score is a significant extreme score. Their score is not significant. O Their score is slightly above average. O Their score is an outlier.
Define the term 'asset'.
'Set-offs' are always found on the________ side of a sales ledger control account.
Explain how a credit balance might arise in a sales ledger account.
Slow Roll Drum Co. is evaluating the extension of credit to a new group of customers. Although these customers will provide $198,000 in additional credit sales, 13 percent are likely to be...
Wendell's Donut Shoppe is investigating the purchase of a new $39,600 conut-making machine. The new machine would permit the company to reduce the amount of part-time help needed, at a cost savings...
1.Discuss the challenges faced with Valuing Stocks and Bonds. As part of this discussion, how will the selected item be implemented in an organization and its significance? 2. Discuss how Valuing...

Over a year the capital account shown in a business balance sheet has increased by 17,800. During

Question:

Step by Step Answer:

To calculate the profit or loss made by the business ...View the full answer

Introducing Accounting For AS

Students also viewed these Business questions