A sole trader began a business on 1 January with $50 000 capital. During the year she introduced to the business her own private vehicle which had cost $22 000 but which was valued at $16 000 when she added it to the business. Drawings for the year were $20 000. At the end of the financial year on 31 December the closing balance on the capital account was $105 000. What was the profit for the year?

A company provided the following information. material units cost per unit $ opening inventory 100 2.00 receipt of ne…

The following balances related to Ladha's business. At 31 March 2016: total assets $388000, total liabilities $84000…

A trial balance showed a provision for doubtful debts as $1350. Trade receivables were $50320 which included a debt o…

A sales ledger control account was prepared. An irrecoverable debt of $40 was omitted and a discount allowed of $68 w…

The trial balance totals are as follows: debit $500 150 credit $500 000 Which error could have caused the difference?

The statement of the financial position of a company shows the following: $ tangible non-current assets 20 600 intang…