Question
Jan 1, 2020 Dec 31, 2020 Building 1,000,000 1,0000,00 Fixtures and fittings 250,000 250,000 Loan 800,000 800,000 Stock 120,000 155,000 Bank 200,000 535,000 Receivables 85,000
Jan 1, 2020 Dec 31, 2020
Building 1,000,000 1,0000,00
Fixtures and fittings 250,000 250,000
Loan 800,000 800,000
Stock 120,000 155,000
Bank 200,000 535,000
Receivables 85,000 100,000
Payables 56,000 75,000
Goods taken for personal use amounted to $5,0000.
Required :
- Ascertain the amount for net profit for the year via the balance sheet. (5 marks)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Survey of Accounting
Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi
3rd Edition
978-1259683794, 77490835, 1259683796, 9780077490836, 978-0078110856
