(a) A starts a business and invests 50,000 on 1st April, 2017. On 31st March, 2018...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
(a) A starts a business and invests 50,000 on 1st April, 2017. On 31st March, 2018 his assets are 65,000 and liabilities are 6,000. Find out the amount of capital on 31st March, 2018 and his profit. (b) In the abové case, if the proprietor had invested 5,000 as additional capital and withdrawn 2,000, what will be your answer? (c) If A had withdrawn from his business 3,000 for personal use, find out the profit in this case. [(a) Capital 59,000, Profit 9,000; (b) Profit 6,000; (c) Profit 12,000.] (a) A starts a business and invests 50,000 on 1st April, 2017. On 31st March, 2018 his assets are 65,000 and liabilities are 6,000. Find out the amount of capital on 31st March, 2018 and his profit. (b) In the abové case, if the proprietor had invested 5,000 as additional capital and withdrawn 2,000, what will be your answer? (c) If A had withdrawn from his business 3,000 for personal use, find out the profit in this case. [(a) Capital 59,000, Profit 9,000; (b) Profit 6,000; (c) Profit 12,000.]
Expert Answer:
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
Posted Date:
Students also viewed these accounting questions
-
From the following information find out the amount of profit earned during the year: Fixed cost=$600,000 Variable cost=$12 per unit Selling price=$18 per unit Output level=170,000 units
-
What was the amount of capital expenditures for the fiscal years ended on Feb 1, 2013? Feb 3, 2012? Refer to Lowes Statement of Cash Flow for the period ending February 1, 2013.
-
For the data. frame some in Example 3.2.2, what will be your expectation of the R code summary(some)? Validate the expectation by running the code too. Data from in Example 3.2.2 In this example, we...
-
Find an equation of the tangent plane at the given point. f(x, y) = x + y, (4,1)
-
Currents up to 30 A can be carried by 10-gauge copper wire. (a) What is the resistance of 100 m of 10- gauge copper wire? (b) What is the electric field in the wire when the current is 30 A? (c) How...
-
Jinan Hadi borrowed US$15,000 at a 14 percent annual rate of interest to be repaid over 3 years. The loan is amortized into three equal, annual, end-of-year payments. a. Calculate the annual,...
-
Venus Company uses a perpetual inventory system. It entered into the following calendar-year 2005 purchases and sales transactions: Required 1. Compute cost of goods available for sale and the number...
-
The investment committee of Grid Iron Restaurants Inc. is evaluating two restaurant sites. The sites have different useful lives, but each requires an investment of $565,000. The estimated net cash...
-
1 A rectangular swimming pool with a flat bottom is 20 feet by 12 feet. How long will it take to fill the swimming pool to 5 feet if water is being pumped into the pool at 30 cubic feet per minute? 8...
-
Makayla Jennings is the general manager at the Hampworth Inn. Le'Veon is the property's front office manager (FOM) and Latisha is the hotel's Director of Sales and Marketing (DOSM). All three serve...
-
Question 6 of 10 View Policies Show Attempt History < Current Attempt in Progress X Your answer is incorrect. Kingbird Company follows the practice of pricing its inventory at LCNRV. on an...
-
Cost Accumulated Fair Market Tax Basis Depreciation Value (UCC) Inventory $80,000 n/a $80,000 $80,000 Accounts 100,000 n/a 100,000 100,000 Receivable Land 140,000 n/a 200,000 140,000 Buildings...
-
Review questions regarding Will and Estate Planning: 1. Define the following terms or concepts: a. Ademption, b. Abatement, c. Lapse, and d. Hotch pot rule. 2. As of what date is a will interpreted?...
-
The following income statement and balance sheets for The Athletic Attic are provided. THE ATHLETIC ATTIC Income Statement For the Year Ended December 31, 2024 Net sales Cost of goods sold Gross...
-
2. A 5.50 kg, 1.50 m long beam is mounted perpendicular to a wall with bolts. A small person with a mass of 42.0 kg walks out onto the beam and stops 1.00 m from the wall. (a) What is the moment of...
-
Liquidation schedule-positive capital accounts The ABC partnership reports the following condensed balance sheet: Cash Noncash assets Total assets $100,000 Partner A, capital 56,500 Partner B,...
-
Accounting - Auditing Please analyse the following ethics-related issues using APES 110 and Corporations Act 2001. An audit senior, John Smith, is in the engagement team of ABC Bank, and he also has...
-
According to a New York Times columnist, The estate tax affects a surprisingly small number of people. In 2003, . . . just 1.25 percent of all deaths resulted in taxable estates, with most of them...
-
Define consideration and what is meant by legal sufficiency.
-
On July 31, Amanda Vaughn and Jason Vaughn accompanied their mother, Emma Simpson Vaughn, to a Wal-Mart store. Amandas friend, Kimberly Dickerson, was also with them. Once they entered the store,...
-
Ames, Bell, Cain, and Dole each orally ordered LCD televisions from Marvel Electronics Company, which accepted the orders. Amess television was to be encased in a specially designed ebony cabinet....
-
When a manager asks people in conflict to remember the mission and purpose of the organization and to try to reconcile their differences in that context, she is using a conflict management approach...
-
Which is an indirect approach to managing conflict? (a) buffering (b) win-lose (c) workflow interdependency (d) power asymmetry
-
The best time to use accommodation in conflict management is ____________. (a) when quick and decisive action is vital (b) when you want to build credit for use in later disagreements (c) when people...
Study smarter with the SolutionInn App