The equity of Sea Horse Ltd at 1 January 2020 was as follows

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Practice Problems

Part 4-analysis and calculation

The equity of Sea Horse Ltd at 1 January 2020 was as follows.

The following events occurred during the year.

Required:

1. Prepare the journal entries to give effect to the above events.

2. Prepare the equity section of the statement of financial position at 31 December 2020.

Hint

Accounts and FinanceThe equity section in a statement of financial position has the information which records the resources that owners invested, as well as those to be invested into the company or entity. It also records the gain or loss accumulation. The balance of equity can be affected by assets and liabilities, as well as by an income statement. ...

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