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Make a statement of changes in equity for the year

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Reference no: EM132965422

At 30 June 2019, Sarah had business assets and liabilities worth $62. Sarah Hodge is a self-employed piano teacher operating her business from home. She keeps her accounting records for business activities separate from her records for 500 and $41 000 respectively. At 30 June 2020, Sarah had business assets and liabilities worth $56 000 and $38 000 respectively.

Required:

Problem (i) Assuming Sarah had withdrawn $15 000 during the year, determine the profit/ loss for the year.

Problem (ii) Assuming Sarah had contributed $20 000 and withdrawn $12 000, prepare a statement of changes in equity for the year.

Reference no: EM132965422

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