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Accounting question. please help At 1 September 20X1 the balance on Hai's capital account was $31,754. In the year to 31 August 20X2 he invested
Accounting question. please help
At 1 September 20X1 the balance on Hai's capital account was $31,754. In the year to 31 August 20X2 he invested an additional amount of $40,000 of personal funds and took a loan of $80,000 for the business. The statement of profit or loss for the year to 31 August 20X2 reported a profit of $48,634 and Hai's drawings during the year were $28,500.
What is the closing balance on Hai's capital account at 31 August 20X2?
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