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Hello,
my question relates to the equity element in regards to the director J.Van. it says on the answer that the retained earnings opening balance will be reduced by 50k and an equity of 50k would be increased.
my question is, shouldn’t the entries just be an expense and an equity? why is the retained earning reduced?
also, at the year end May 20×5, wouldn’t the total equity be 100k not just 50k?
can you please show me all the journal entries for both years 20×4 and 20×5?
thank you
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