The Owner’s capital balance of The Fruit Drop Shop (Sole Trader) was $40,000 on the first...
The Owner’s capital balance of The Fruit Drop Shop (Sole Trader) was $40,000 on the first day of the year, i.e., 1 July 2014. Profit during the year was $20,000. Near year-end, i.e., 30 June 2015, the owner withdrew $10,000 to fund a personal holiday. Thus Owner’s capital at 30 June 2015 is?
Homework Answers
Owner's capital at 30 June 2015 is $50000
Explanation:
Opening capital balance as on 1 July 2014 = $40000
Add: Profits during the year = $20000
Less: Drawings made by owner as on 30 June 2015 = $10000
Owner's capital at 30 June 2015 = $40000 + $20000 - $10000 = $50000
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