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Identify errors in the statement of changes in equity

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Reference no: EM132570851

Question 1: Identify 5 errors in the Statement of changes in equity below and explain why in detail.

NOBEL MUSIC CONSULTING

Statement of Changes in Equity

For the year ended 30 June 2019

G. Nobel, Capital - 1 July 2018                 $12 070

Add: Profit for the years                         $16 380

Unearned revenue for the year                     4 500

Dividends received in the year                      10 000

Capital increase in the year                         5 250

                                                                36 130

Less: Drawings during the year                        (21 910)

Loss on the Disposal of Assets                        (12 700)

                                                                    (34 610)

G. Nobel, Capital - 30 June 2019                            $13 590

Add: Total Liabilities - 30 June 2019                      $22 000

Equal to Total Assets - 30 June 2019                       $35 590

Reference no: EM132570851

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