Sam commenced business on 1 January 2019 with equity of 60,000. During the year ended 31 December
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Sam commenced business on 1 January 2019 with equity of 60,000. During the year ended 31 December 2019 he paid 75,000 to purchase goods for sale (all of which were sold) and 18,300 for various expenses. He received 97,800 from the sale of goods. Sam has drawn 12,000 in cash and introduced a motor car valued at 6,500 into the business.
What was Sam's equity at 31 December 2019?
Related Book For
Financial Accounting and Reporting
ISBN: 978-0273744443
14th Edition
Authors: Barry Elliott, Jamie Elliott
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