The following information has been gathered from the accounting records of Jonathan’s Hair Stylists.

Using the accounting equation, calculate

(a) the amount of ownership interest at 30 September Year 8;

(b) the amount of net profit for the year and

(c) the amount of the ownership interest at 1 October Year 7.

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Assets and liabilities at 30 September Year 8 Cash in till register Overdraft with the bank Borrowings from a relative Trade receivables (amounts due from credit customers) Hairdressing supplies (shampoos, conditioners, etc.) Buildings, furniture, equipment Revenue and expenses for the year ended 30 September Year 8 Amounts charged for work done Wages to employees Interest on borrowings Interest on overdraft Hairdressing supplies used in period Costs of administration Costs of advertising 4+ 55 684 12,000 100 450 66,000 40,400 16,500 1,080 123 5,400 2,060 950