Question
Sam commenced business on 1 January 2019 with equity of 60,000. During the year ended 31 December 2019 he paid 75,000 to purchase goods for
Sam commenced business on 1 January 2019 with equity of 60,000. During the year ended 31 December 2019 he paid 75,000 to purchase goods for sale (all of which were sold) and 18,300 for various expenses. He received 97,800 from the sale of goods. Sam has drawn 12,000 in cash and introduced a motor car valued at 6,500 into the business.
What was Sam's equity at 31 December 2019?
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Based on the information provided Sams equity at 31 December 2019 would ...
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Financial Accounting and Reporting
Authors: Barry Elliott, Jamie Elliott
14th Edition
978-0273744535, 273744445, 273744534, 978-0273744443
