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If closing owner’s equity is Rs 1,000; opening owner’s equity is Rs. 500; profit is Rs 700, then there must be a ___________ of Rs 200 during the year
  • a)
    Drawings
  • b)
    Loss
  • c)
    Opening capital
  • d)
    None
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
If closing owner’s equity is Rs 1,000; opening owner’s equ...
Because 1000 is opening equity and profit is 700 but they have 500 of owners equity and 700 - 500 owner equity so remaining 200 is drawing .
i think so is it correct
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Community Answer
If closing owner’s equity is Rs 1,000; opening owner’s equ...
If closing owner refers to a person or entity who is the owner of a property that is being sold or transferred to another party. The closing owner is responsible for completing the necessary paperwork, ensuring the property is in good condition, and transferring ownership to the buyer. They may also be responsible for paying any outstanding liens or debts associated with the property before the sale can be finalized.
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If closing owner’s equity is Rs 1,000; opening owner’s equity is Rs. 500; profit is Rs 700, then there must be a ___________ of Rs 200 during the yeara)Drawingsb)Lossc)Opening capitald)NoneCorrect answer is option 'A'. Can you explain this answer?
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