Reference no: EM133072300

Question - Russo Co produced a draft statement of financial position at the year-end which showed the owner's equity as £450,000. 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. Property, which cost £332,000, had been revalued to £383,000.

2. Inventories, which cost £24,000, had been sold on credit for £34,000.

3. The owner withdrew £28,000 in cash.

4. A trade receivable paid the amount owing of £36,000 in full.

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