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Mrs Kentinka runs a metal bending shop at Kasoa. She has no accounting knowledge and keeps no accounting records but was able to provide you

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Mrs Kentinka runs a metal bending shop at Kasoa. She has no accounting knowledge and keeps no accounting records but was able to provide you with the following information regarding her assets and liabilities at the beginning and end of the period ending 31 December 2020. 01/01/2020 31/12/2020 Premises 12,000 12,000 Fixtures and fittings 2,300 2,500 Tools 500 620 Inventory 1,250 1,080 Debtors 1,420 970 Cash 350 1,200 Creditors 630 1,550 Loan 500 1,000 During the period, Mrs Kentinka received an amount of GHC 2,000 from her trade union susu which she immediately invested into the business. She also depends on the proceeds of the business for her livelihood, and as such she draws about GHC 450 from the business every month for her personal use. You are required to determine the profit or loss of Mrs Kentinka for the year ended 31 December 2020

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