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Calculate the amount of net profit for the year

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Reference no: EM132939961

Question - The following information has been gathered from the accounting records of Jonathan's Hair Stylists:

Assets and liabilities at 30 September 2016 £ Cash in till register 55

Bank overdraft 684

Borrowings from bank 12,000

Trade receivables (amounts due from credit customers) 100

Hairdressing supplies (shampoos, conditioners, etc.) 450

Buildings, furniture, equipment 66,000

Revenue and expenses for the year ended 30 September 2016 £

Amounts charged for work done 40,400

Wages to employees 16,500

Interest on borrowings 1,080

Interest on overdraft 123

Hairdressing supplies used in period 5,400

Administration expenses 2,060

Advertising expenses 950

Required - Using the accounting equation,

a. Calculate the amount of ownership interest at 30 September 2016?

b. Calculate the amount of net profit for the year?

c. Calculate the amount of the ownership interest at 1 October 2015.

Reference no: EM132939961

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