50.1K
Verified Solution
Link Copied!
Ash Co has the following assets and liabilities at the year end:
| | |
| Trade payables | 16,000 |
| Cash at bank | 23,000 |
| Equipment | 63,000 |
| Long-term loan | 50,000 |
| Inventories | 40,000 |
| Bank overdraft | 15,000 |
| Property | 75,000 |
| Trade receivables | 21,000 |
| Fixtures and fittings | 13,000 |
| Motor vans | 18,000 |
During the year, the business made a profit of
62,000
and the owner injected
65,000
into the business. The owner's equity at the beginning of the year was
120,000.
How much did the owner withdraw during the year?
Answer & Explanation
Solved by verified expert
