Kelly started a business with £96,000 equity invested. During the year, she withdrew £15,000 in cash and £10,000 in goods for her own use.At the end of the first year she had an equity balance of £85,000. What was the profit/loss for the year?O A. Profit £14,000O B. Loss £39,000OC. Loss £25,000o D. Loss £11,000

The objective of the question is to calculate the profit or loss for the year based on the equity…

Answered: Kelly started a business with £96,000…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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