Reference no: EM133068188

Question - Basciano Co produced a draft statement of financial position at the year-end which showed the owner's equity as £343,000. It was later discovered, however, that the following transactions, which all occurred on the last day of the financial year, had not been taken into account.

1. A piece of equipment with a carrying amount of £13,000 was sold for £9,000.

2. Inventories held at the year end, which cost £25,000, were considered by a professional valuer to have a net realisable value of £36,000.

3. The owner introduced a motor car valued at £13,000 as a business asset.

4. A loan for £8,000 was repaid in full.

Required - What will be the revised figure for owner's equity after the above transactions are taken into account?