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Pooh and Tiggr are partners in a business. They contributed capital of $500,000 each in the business. Their current account for 2020 was as
Pooh and Tiggr are partners in a business. They contributed capital of $500,000 each in the business. Their current account for 2020 was as follows: POOH TIGGR POOH TIGGR Bal b/d 57,500 Bal b/d 7,500 Drawings 10,000 30,000 Interest on capital 25,000 25,000 Interest on drawings 500 1,500 Salary 2300 Bal c/d 97,000 Share of profits 75,000 45,000 Bal c/d 16,700 107,500 89,000 107,500 89,000 Bal b/d 16,700 Bal b/d 97,000 How much would be shown as the total owners' equity in the statement of financial position at the end of the year? O a. $1,113,700 O b. $886,300 O c. $919,700 O d. $1,080,300
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