Ram Sridar began a food truck business on 1 July 2022 by depositing $35 000 into a business bank account. On 30 June for the next 3 years, the assets and liabilities of the business were as follows:

Required By analysing the changes in equity each year, calculate the profit (loss) made by the business for each year ending 30 June, assuming the following events also occurred:

(a) On 1 January 2024, Ram withdrew $14 400 in cash from the business for personal use.

(b) On 28 August 2023, Ram invested additional cash of $30 000 into the business.

(c) On 31 July 2024, Ram invested additional cash of $15 000 into the business.

(d) On 28 January 2025, Ram withdrew $48 000 in cash for personal use.

Transcribed Image Text:

30 June 2023 2024 2025 Total assets $69 600 78 000 88 800 Total liabilities $42 000 44 400 50 400