1 The balance sheets of l Turner sole trader showed 30 June

1· The balance sheets of l. Turner, sole trader, showed: 30 June 2014 2013 S150 000 Capital I. Turner $190 000 The profit for the year ended 30 June 2014 was $60 000. During the year additional capital of $40 000 was contributed in cash. Drawings in cash were made weekly Calculate the amount of drawings for the year. You must show workings (8 MARKs) Selected accounts of Kevin\'s Art Supplies are shown below at 30 June of the current year before any adjusting entries are made. 2. Debit Credit 9,000 1,440 48,000 Prepaid Insurance Supplies Shop Shelving Unearned Rental Fees Wages expense Rental Fees Revenue 9,600 65,000 26,400 Additional information a) Prepaid insurance represents premiums for 1 year paid on 1 April. b) Supplies on hand at 30 June were $860 e) Shop shelving, purchased in 1 March, is expected to last 10 years and have a residual value of $4,000. d) Kevin collected 4 months rent in advance on 1 June from a number of tenants. e) Wages owing at 30 June are $4,800

Solution

Since only Q1 is fully visible, I believe you need answer of that only.

Beginning Capital	$   1,50,000.00
ADD : Profit	$       60,000.00
ADD : Addl. Capital	$       40,000.00
LESS : Closing Capital	$ -1,90,000.00
Drawings	$       60,000.00