Question
Mark Chan has the following assets and liabilities as at 31 December 2020: Non-current Assets $60000; Inventory $10000; Bank Balance in hand $5000; Loan from
- Mark Chan has the following assets and liabilities as at 31 December 2020:
Non-current Assets $60000; Inventory $10000; Bank Balance in hand $5000; Loan from Marks wife for $8000 and Bank Loan to purchase Machinery of $20000
Required
Calculate Mark Chans opening owners capital at 1 January 2020, using the accounting equation approach.
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Managerial Accounting
Authors: John Wild, Ken Shaw
6th Edition
9781259726972
