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If a sole trader has a net profit of $50,000 and drawings of $10,000, what is th
If a sole trader has a net profit of $50,000 and drawings of $10,000, what is the closing balance of the capital account?
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Q1
If a sole trader has a net profit of $50,000 and drawings of $10,000, what is the closing balance of the capital account?
$40,000
$50,000
$60,000
$70,000
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The closing balance of the capital account is calculated as net profit minus drawings: $50,000 - $10,000 = $40,000.
Questions & Step-by-step Solutions
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Q
Q: If a sole trader has a net profit of $50,000 and drawings of $10,000, what is the closing balance of the capital account?
Solution:
The closing balance of the capital account is calculated as net profit minus drawings: $50,000 - $10,000 = $40,000.
Steps: 5
Show Steps
Step 1: Identify the net profit, which is $50,000.
Step 2: Identify the drawings, which are $10,000.
Step 3: Subtract the drawings from the net profit: $50,000 - $10,000.
Step 4: Calculate the result, which is $40,000.
Step 5: The result is the closing balance of the capital account.
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