ACCA FA2 CAPITAL BALANCE 2

At 1 September 20X1 the balance on Hai's capital amount was $60,000. In the year to 31 August 20X2, he invested an additional amount of $30,000 of personal funds and took a loan of $80,000 for the business. The statement of profit and loss for the year to 31 August 20X2 report a profit of $30,000 and Hai's drawings during the year was $10,000.

What is Hai's closing capital balance at 31 August 20X2?

SUGGESTED SOLUTIONS

$
Opening capital balance60,000
add additional capital 30,000
Profit for the year 30,000
Less Drawings (10,000)
Closing capital balance 110,000

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