If equity at the beginning of the period is $35,000 and at the end of the period is $56,000 and $20,000 is withdrawn by the owner during the period, calculate profit.

a. $41,000

b. $1,000

c. $21,000

d. $76,000

Tom and Jerry formed a partnership trading as T & J Financial Services. Their partnership agreement states that they agree to split any profit or loss in the proportion of their contributions to the partnership. At 30 June 2019 the Partners Equity is as follows: Tom: $144,000; Jerry: $176,000. At 31 December T & J made a cash profit of $18,000. How would this profit share between Tom and Jerry?

		a. Tom: $9,900; Jerry: $8,100
		b. Tom: $8,100; Jerry: $9,900
		c. Tom: $18,000; Jerry: $0
		d. Tom: $0; Jerry: $18,000
		Tom: $9,000; Jerry: $9,000

A firm purchased a motor vehicle for $25,000 on 1 July 2019. The vehicle had an estimated residual value of $2,000 at the end of its estimated useful life of 4 years. (Assume financial year 1 July 30 June). Calculate the book value/written down value that would be shown on the Balance Sheet at 30 June 2022 assuming the firm uses the straight line method?

1. $17,250
   		$7,750
   		$25,000
   		$23,000
   		$13,500