Statement of changes in equity

Business and Finance

PRACTICE SET 29

The Retrieval Company has the following changes in equity items in year-end 2020.
Kindly prepare the SCE of the company which is owned by Ms. Charlott

Balance on January 1, 2020= ₱ 550,000

March 31: The entity earned a total of ₱ 250,000 for its first quarter of operations

June 30: The owner withdraws money worth ₱ 300,000

July 28: Ms. Charlott, the owner, invests a total of ₱ 920,000 worth of equipment in the entity.

September 22: The entity earned a total of ₱ 450,000

December 31: Total expenses paid at year end amounts to ₱ 380,000

The owner withdraws 500,000 from the business

Balance on December 31, 2020= ?

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