During his first year of trading, Tanwir brings his private car, valued at $6,000 into the business as well as his initial $20,000 of capital. The business made a net profit of $17,500 for the year, after deducting $650 for petrol which was paid out of his private funds. He has drawn $5,000 out of the business bank account for himself, as well as paying his home telephone bill of $450 from business funds. Tanwir's capital at the end of his first year of trading was $ .......
During his first year of trading, Tanwir brings his private car, valued at $6,000 into the business as well as his initial $20,000 of capital. The business made a net profit of $17,500 for the year, after deducting $650 for petrol which was paid out of his private funds. He has drawn $5,000 out of the business bank account for himself, as well as paying his home telephone bill of $450 from business funds. Tanwir's capital at the end of his first year of trading was $ .......
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
During his first year of trading, Tanwir brings his private car, valued at $6,000 into the business as well as his initial
$20,000 of capital. The business made a net profit of $17,500 for the year, after deducting $650 for petrol which
was paid out of his private funds. He has drawn $5,000 out of the business bank account for himself, as well as
paying his home telephone bill of $450 from business funds.
Tanwir's capital at the end of his first year of trading was $ ...........................
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education