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STATEMENT OF CHANGES IN EQUITY
- The Retrieval Company has the following changes in equity items in year-end 2020.
- prepare a Statement of Changes in Owners Equity
Balance on January 1, 2020= ₱ 550,000
March 31: The entity earned a total of ₱ 250,000 for its first quarter of operations
June 30: The owner withdraws money worth ₱ 300,000
July 28: Ms. Charlott, the owner, invests a total of ₱ 920,000 worth of equipment in the entity.
September 22: The entity earned a total of ₱ 450,000
December 31: Total expenses paid at year-end amounts to ₱ 380,000
The owner withdraws 500,000 from the business
Balance on December 31, 2020= ?
REASON FOR ERROR:
T-ACCOUNTS:
EXPLANATION OF T-ACCOUNTS:
Suppliers showed the correct amount outstanding as R8 800. Correct the error. Show effects on the DEBIT AND CREDIT and on CREDITORS CONTROL
REASON FOR ERROR:
CALCULATIONS:
T-ACCOUNTS:
EXPLANATION OF T-ACCOUNTS:
REASON FOR ERROR:
CALCULATIONS:
T-ACCOUNTS:
EXPLANATION OF T-ACCOUNTS:
STATEMENT OF CHANGES IN EQUITY
- The Retrieval Company has the following changes in equity items in year-end 2020.
- Kindly prepare the SCE of the company which is owned by Ms. Charlott
Balance on January 1, 2020= ₱ 550,000
March 31: The entity earned a total of ₱ 250,000 for its first quarter of operations
June 30: The owner withdraws money worth ₱ 300,000
July 28: Ms. Charlott, the owner, invests a total of ₱ 920,000 worth of equipment in the entity.
September 22: The entity earned a total of ₱ 450,000
December 31: Total expenses paid at year end amounts to ₱ 380,000
The owner withdraws 500,000 from the business
Balance on December 31, 2020= ?
Direct material inventory of xyz furniture factory amount birr 124000 at the beginning of one year of july 1200 purchase of birr 440000 and freight cost birr 1600 is made during one year and the amount of direct materials inventory at the end of one year is birr 117450 show direct material used
STATEMENT OF CHANGES IN EQUITY
PRACTICE SET 29
- The Retrieval Company has the following changes in equity items in year-end 2020.
- Kindly prepare the SCE of the company which is owned by Ms. Charlott
Balance on January 1, 2020= ₱ 550,000
March 31: The entity earned a total of ₱ 250,000 for its first quarter of operations
June 30: The owner withdraws money worth ₱ 300,000
July 28: Ms. Charlott, the owner, invests a total of ₱ 920,000 worth of equipment in the entity.
September 22: The entity earned a total of ₱ 450,000
December 31: Total expenses paid at year-end amounts to ₱ 380,000
The owner withdraws 500,000 from the business
Balance on December 31, 2020=?
#340153 on Dec 2023