Over a year the capital account shown in a business balance sheet has increased by 17,800. During

Question:

Over a year the capital account shown in a business balance sheet has increased by £17,800. During the year the proprietor paid a legacy of £4,000 into the business bank account. His drawings for the year amounted to £19,500.

Required

Calculate the profit or loss made by the business during the year.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Introducing Accounting For AS

ISBN: 9780340959404

2nd Edition

Authors: Ian Harrison

See More Books

Question Posted: Aug 21, 2023 09:46 AM

See More Questions

The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-6. On December 12, Irene purchased the building where her store is located. She paid...
Carol Harris, Ph.D, CPA, is a single taxpayer and she lives at 674 Yankee Street, Durham, NC 27409. Her Social Security number is 793-52-4335. Carol is an Associate Professor of Accounting at a local...
Determine the void ratio of a soil if its bulk density is 2.06 g/cc and it has a moisture content of 24 percent. The specific gravity of the soil particles is 2.75. Also, determine its dry density...
When the records of Aoki Corporation were reviewed at the close of 2011, the errors listed below were discovered. For each item, indicate by a check mark in the appropriate column whether the error...
Ingersoll Rand operates as a manufacturer in four segments: Air Conditioning Systems and Services, Climate Control Technologies, Industrial Technologies, and Security Technologies. They installed an...
University Health Center has three divisions: Real Estate, with an 8 percent cost of capital; Health Services, with a 10 percent cost of capital; and Managed Care, with a 12 percent cost of capital....
Presented below are a number of balance sheet accounts of Cunningham, Inc. (a) Investment in Preferred Stock. (b) Treasury Stock. (c) Common Stock. (d) Dividends Payable. (e) Accumulated...
A 45-year-old man presents to the Emergency Department with a fever, widespread rash, and confusion. His only past history of note was Sydenham's chorea and a number of recent dental extractions....
The net assets of a business have increased over the year by 2,750. The proprietor paid into the business bank account 35,000, withdrawn from her personal building society account. During the year...
A proprietors capital account increased over the year by 12,700. She paid a 50,000 premium bond win into the business bank account during the year. Required Calculate the profit or loss made by the...
Can a company change its method of costing inventory? Explain.
The Corner Bakery has a debt-equity ratio of .53. The required return on assets is 13.5 percent and its cost of equity is 15.8 percent. What is the pretax cost of debt based on M&M Proposition II...
If total liabilities decreased by $40,000 and owner's equity increased by $30,000 during a period of time, then total assets must change by what amount and direction during that same period?
Information for a company is provided in the table below. Net Income Beginning Total Assets $49,000 $405,300 Beginning Stockholders' Equity $250,300 0% Payout Ratio Calculate the following for the...
Closing Entries The adjusted trial balance of the Petal Corporation, prepared as of December 31, contains the following accounts: Service fees earned Interest income Debit Credit $87,500 2,600...
In Management, the focus is on the study of the five organizational behaviour models, elaborate on 3 selective models of your choice. 1. Custodial model 2. Autocratic model 3. Collegial model 4....
A compound, XF5, is 42.81% fluorine by mass. Identify the element X. What is the molecular structure of XF5?
A consumer magazine is evaluating five brands of trash compactors for their effectiveness in reducing the volume of typical household products that are discarded. In the experiment, each block...
Define the term 'asset'.
'Set-offs' are always found on the________ side of a sales ledger control account.
Explain how a credit balance might arise in a sales ledger account.
(2) To solve a nonlinear BVP Fi(yj) = 0 using Newton's method, we make a guess for y; and then iterate until the norm of the residual ||Fi|| e. Set (k+1) yj = (k) = y; " + Ayj, k = 0, 1, 2, ... where...
1. Two-point boundary value problem with Dirichlet condition. Consider the following second order elliptic boundary value problem in the one-dimensional space: - -u" (x) = 2, x = (0, 1), u(0) = 0,...
Show that the two drawings represent the same graph by labeling the vertices and edges of the right-hand drawing to correspond to those of the left-hand drawing. 5 el 06 Veq 5 e2 V2 ez 3 U5 (a) es 1...

Over a year the capital account shown in a business balance sheet has increased by 17,800. During

Question:

Step by Step Answer:

To calculate the profit or loss made by the business ...View the full answer

Introducing Accounting For AS

Students also viewed these Business questions