Owners equity represents the residual interest that Ah Chong would have in his business. In other words, the assets of the business less its liabilities. Ah Chong's Mechanical Workshop started business with RM24,000 cash and a truck worth RM40,000. He purchased some tools. Paid RM24,000 for half the tools and borrowed the balance from the bank. How much equity does Ah Chong have in the business?