The profit earned by a business in 2022 was 72,500. The proprietor injected new capital of...

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The profit earned by a business in 2022 was £72,500. The proprietor injected new capital of £8,000 during the year and withdrew goods for his private use which cost £2,200. If net assets at the beginning of 2022 were £101,700 what were the closing net assets? The profit earned by a business in 2022 was £72,500. The proprietor injected new capital of £8,000 during the year and withdrew goods for his private use which cost £2,200. If net assets at the beginning of 2022 were £101,700 what were the closing net assets?

Answer rating: 100% (QA)

We can use the following formula to calculate the closing net a... View the full answer