Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The arrow tab options are just 'profit' or 'loss' 1. At 1st July 2020, John Consultation Pty Ltd had assets and liabilities worth $10,000 and

image text in transcribed

The arrow tab options are just 'profit' or 'loss'

1. At 1st July 2020, John Consultation Pty Ltd had assets and liabilities worth $10,000 and $6,000 respectively. At 30th June 2021, the assets and liabilities of John Consultation Pty Ltd were $15,000 and $8,500 respectively. a. (1 mark) John's capital balance on 1st July 2020 is b. (1 mark) John's capital balance on 30th June 2021 is C. (2 marks) If John did not make any capital contributions or withdraw any money from the business, he made a of (input a positive number) for the year ended 30 June 2021. 2. (2 marks) At 1st July 2020, John Consultation Pty Ltd had assets and liabilities worth $10,000 and $6,000 respectively. At 30th June 2021, the assets and liabilities of John Consultation Pty Ltd were $15,000 and $8,500 respectively. If John had contributed $1,000 during the financial year, he made a of (input a positive number) for the year ended 30 June 2021. 3. (2 marks) At 1st July 2020, John Consultation Pty Ltd had assets and liabilities worth $10,000 and $6,000 respectively. At 30th June 2021, the assets and liabilities of John Consultation Pty Ltd were $15,000 and $8,500 respectively. If John had withdrawn $2,000 during the financial year, he made a of (input a positive number) for the year ended 30 June 2021

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions