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Determine the profit or loss earned by the business

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Question - Equity balances for SW appearing in the balance sheets of SW's Window Washing Services as at 30 June 2019, 2018 and 2017 are set out below.

30 June 2019 30 June 2018 30 June 2017

Equity SW, Capital $27,300 $31,000 $29,000

During 2017-18, SW withdrew $25,000 for personal use and also contributed additional capital of $9,000. During 2018-19, he withdrew $11,000 capital from the business, and withdrew $16,000 cash for his own use in anticipation of profits.

Required - Determine the profit/loss earned by the business in each of the following two years: 1) year ended 30 June 2019 2) year ended 30 June 2018.

Reference no: EM132615219

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