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Double Entry Book Keeping

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Double Entry Book Keeping

  • This topic has 5 replies, 3 voices, and was last updated 6 years ago by John Moffat.
Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • October 18, 2014 at 6:46 pm #204858
    Zeshan
    Member
    • Topics: 10
    • Replies: 10
    • ☆

    Hi sir
    My F3 exam will be on monday. I need some help
    Question:
    The profit made by a business in 2007 was $35,400. The proprietor injected new capital of $10,200 during the year and withdrew a monthly salary of $500.
    If net assets at the end of 2007 were $95,100, what was the proprietor’s capital at the beginning of the year?
    A $50,000
    B $55,500
    C $63,900
    D $134,700

    According to my calculation the answer is $50,000 (Option A). But the answer at revision kit is $55,500

    October 18, 2014 at 7:54 pm #204881
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54829
    • ☆☆☆☆☆

    Did you multiply the monthly salary by 12 to get the total drawings for the year?
    There are 12 months in a year 🙂

    October 18, 2014 at 8:19 pm #204885
    Zeshan
    Member
    • Topics: 10
    • Replies: 10
    • ☆

    No sir I speedily read the question. thank you so much

    October 19, 2014 at 9:23 am #204906
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54829
    • ☆☆☆☆☆

    You are welcome 🙂

    May 24, 2019 at 9:47 am #517120
    jithendra
    Participant
    • Topics: 1
    • Replies: 4
    • ☆

    thnx sir… helped me too

    May 24, 2019 at 10:23 am #517128
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54829
    • ☆☆☆☆☆

    You are welcome 🙂

  • Author
    Posts
Viewing 6 posts - 1 through 6 (of 6 total)
  • The topic ‘Double Entry Book Keeping’ is closed to new replies.

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