Q20 Calculate total equity if: (a) Owner s equity in the beginning is ₹ 24,000 (b) Creditor s equity - Accountancy - Introduction to Accounting

Question

Q20 Calculate total equity if:
(a) Owner’s equity in the beginning is ₹ 24,000
(b) Creditor’s equity at the end is ₹ 20,000
(c) Revenue (income) during the period is ₹ 28,000
(d) Expenses during the same period are ₹ 26,000 Also
calculate owner’s equity at the end

Lisa Ghosh · Accepted Answer

Dear student,

Total equity= Owner's equity at the end + Outsider's equity
at the end
=Rs 26000+Rs20000 =Rs 46000

Owner's equity at the end= Owner's equity in the beginning +Revenue
- Expense
= Rs (24000+28000-26000)
=Rs 26000

Regards

Q20. Calculate total equity if: (a) Owner’s equity in the beginning is ₹ 24,000 (b) Creditor’s equity at the end is ₹ 20,000 (c) Revenue (income) during the period is ₹ 28,000. (d) Expenses during the same period are ₹ 26,000 Also calculate owner’s equity at the end

Q20. Calculate total equity if:
(a) Owner’s equity in the beginning is ₹ 24,000
(b) Creditor’s equity at the end is ₹ 20,000
(c) Revenue (income) during the period is ₹ 28,000.
(d) Expenses during the same period are ₹ 26,000 Also calculate owner’s equity at the end