Advantage Tennis Coaching, a business owned by sole trader Nicholas Cash, had the following assets and liabilities

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Advantage Tennis Coaching, a business owned by sole trader Nicholas Cash, had the following assets and liabilities as at the financial years ended 30 June 2016 and 30 June 2017 as shown.

Required
a. What is the equity as at the end of the two financial years?
b. If Nicholas contributed an extra $15000 capital during the financial year ending 30 June 2017 and made no drawings, determine his profit (or loss) for the year, assuming the above balances remain the same.
c. If Nicholas had contributed an extra $20000 and withdrew $15000 during the year ending 30 June 2017, determine his profit (or loss) for the year, assuming the above balances remain the same.

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Related Book For  book-img-for-question

Accounting Business Reporting For Decision Making

ISBN: 9780730363415

6th Edition

Authors: Jacqueline Birt, Keryn Chalmers, Suzanne Maloney, Albie Brooks, Judy Oliver

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