Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The Balance on the equity a/c of a sole trader as at 31/12/2022 was 20,000 as compared to 15,000 as at 31/12/2021. During the year
The Balance on the equity a/c of a sole trader as at 31/12/2022 was 20,000 as compared to 15,000 as at 31/12/2021. During the year 2022 the owner withdrew 5,000 cash from the business bank a/c for personal use, and took home inventories that had cost 5,000, again for personal use. During the year, the owner had to pay a supplier of the business the amount of 4,000 from personal means. The profit for the year was: a. 15,000 O b. None of the others c. 11,000 O d. 5,000 e. 20,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started