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how do you work this out ? Basciano Co produced a draft statement of financial position at the year end which showed the owner's equity
how do you work this out ?
Basciano Co produced a draft statement of financial position at the year end which showed the owner's equity as 343,000. It was later discovered, however, that the following transactions, which all occurred on the last day of the financial year, had not been taken into account: 1. A piece of equipment with a carrying amount of 13,000 was sold for 9,000 2. Inventories held at the year end, which cost 25,000, were considered by a professional valuer to have a net realisable value of 36,000 3. The owner introduced a motor car valued at 13,000 as a business asset. 4. A loan for 8,000 was repaid in full What will be the revised figure for owner's equity after the above transactions are taken into account Step by Step Solution
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