A sole trader's business made a profit of $32,500 during the year ended 31 March 20X8....

 

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A sole trader's business made a profit of $32,500 during the year ended 31 March 20X8. This figure was after deducting $100 per week wages for himself. In addition, he put his home telephone bill through the business books, amounting to $400 plus sales tax at 17.5%. He is registered for sales tax and therefore has charged only the net amount to his statement of comprehensive income. His capital at 1 April 20X7 was $6,500. What was his capital at 31 March 20X8? A sole trader's business made a profit of $32,500 during the year ended 31 March 20X8. This figure was after deducting $100 per week wages for himself. In addition, he put his home telephone bill through the business books, amounting to $400 plus sales tax at 17.5%. He is registered for sales tax and therefore has charged only the net amount to his statement of comprehensive income. His capital at 1 April 20X7 was $6,500. What was his capital at 31 March 20X8?

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