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Pls answer the questions with your detailed explanations, it's much appreciated! 3.1 Which one of the following can the accounting equation can be rewritten as?
Pls answer the questions with your detailed explanations, it's much appreciated!
3.1 Which one of the following can the accounting equation can be rewritten as? Assets + profit - drawings - liabilities = closing capital Assets - liabilities - drawings = opening capital + profit Assets - liabilities - opening capital + drawings = profit Assets - profit - drawings = closing capital - liabilities (2 marks) 3.2 A trader's profit for the year may be computed by using which of the following formulae? Opening capital + drawings - capital introduced - closing capital Closing capital + drawings - capital introduced - opening capital Opening capital - drawings + capital introduced - closing capital Opening capital - drawings - capital introduced - closing capital (2 marks) 3.3 The profit earned by a business in 20X7 was $72,500. The proprietor injected new capital of $8,000 during the year and withdrew goods for their private use which had cost $2,200. If net assets at the beginning of 207 were $101,700, what were the closing net assets? $35,000$39,400$168,400$180,000 (2 marks)Step by Step Solution
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