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Here is the question:
A sole trader’s accounts showed the following details at the year end.
Closing capital was $20 000 after drawings of $5000, profit for the year $8000, and capital
introduced during the year of $3000.
What was the trader’s opening capital?
A $10 000 B $14 000 C $30 000 D $31 000
The answer is 14,000. But I don't know how to get that answer. Help please. My exam is tomorrow and I want to get clear with everything.
Thanks in advance.
A sole trader’s accounts showed the following details at the year end.
Closing capital was $20 000 after drawings of $5000, profit for the year $8000, and capital
introduced during the year of $3000.
What was the trader’s opening capital?
A $10 000 B $14 000 C $30 000 D $31 000
The answer is 14,000. But I don't know how to get that answer. Help please. My exam is tomorrow and I want to get clear with everything.
Thanks in advance.
Really appreciate it.