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Calculate total equity if 1. Owners …

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Calculate total equity if 1. Owners equity in the beginning rs. 60000 2. Equity of creditors at the end rs 50000 3. Revenue during the year rs 70000 4. Expenses during the same year rs 65000 Also calculate the amount of owners equity at the end

Posted by Kiran Verma 7 years, 4 months ago

CBSE > Class 11 > Accountancy

1 answers

Shashi Ramachandran 7 years, 4 months ago

owners equity (capital) in the end= owner's equity + Revenue - Expenses
= 60000+70000-65000
= 65000
total Equity = owner's equity at the end + Equity of Creditors (liability)
= 65000 + 50,000
= 1,15,000

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