Jessica Windmere had prepared the financial statements for her business, a sole proprietorship, to take to her accountant. Unfortunately, she has misplaced the statement of profit or loss. Her accountant assures her that the profit or loss for the period can be determined so long as she has her balance sheets for the previous and current reporting period. These are presented below.

In addition, Jessica Windmere tells her accountant that she has made drawings totalling $27000 during the reporting period.

Required
Analysing the information provided, determine the profit or loss for Jessica Windmere for the year ended 30 June 2017.

Transcribed Image Text:

Cash Receivables Inventory Prepayments Total current assets Land Plant and equipment Total non-current assets Total assets Bank overdraft Accounts payable Accrued expenses Total current liabilities Loan Total liabilities Equity Jessica Windmere Business Balance sheet As at 30 June 2017 $ 6700 10 400 30 200 3510 50810 34 600 21 600 56 200 107 010 14000 4000 18 000 23 800 41 800 $ 65210 As at 30 June 2016 $ 3800 10 000 37 800 2100 53 700 33 500 29 200 62 700 116 400 9 700 16 200 3300 29 200 28 100 57 300 $ 59 100