The following information relates to a firm for Year 8.     £ Noncurrent liabilities 147,000 Expenses 113,000 Current liabilities at end of the year 165,000 Sales revenue 358,000 Current assets at end of the year 436,000 Noncurrent assets at end of the year 400,000   The owner did not withdraw or introduce any equity during the year. What was the equity at the beginning of the​ year?

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is