Kelly started a business with £95,000 equity invested. During the year, she withdrew £15,000 in cash and £5,000 in goods for her own use. At the end of the first year she had an equity balance of £85,000. Whatwas the profit/loss for the year?O A. Loss £20,000B.Loss £30,000O C. Loss £10,000OD. Profit £10,000

Equity: Equity means the net assets available to Owner/shareholders after deducting all the…

Answered: Kelly started a business with £95,000…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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