The owner of Impact Traders requested you to calculate the net profit for the year ended 30 June 2020. Mr Brown, the owner, has not been very diligent in keeping records. He is able to present you with the following information:

The bank statement show a credit balance of R88 900 as at 30 June 2020. All the cash received has been deposited. A stocktake performed on 30 June 2020, showed inventory on hand with a cost price of R170 000. The creditors balance at yearend is R38 000. Vehicles was purchased during the year at a cost price of R25 000. Depreciation on vehicles for the year amounted to R20 000. The owner took R15 000 in cash for personal use during the year ended 30 June 2020. R15 000 was repaid on the loan during the year.

Required: Calculate the profit or loss for the period. You can use any method or layout to do so.

His assets and liabilities 1 July 2019 were as follows: Vehicles at carrying value R185 000 Trading inventory R150 000 Cash in bank R72 000 Creditors R12 500 Loan: Uni Bank (12%) R80 000