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Which is correct ? Hendry Ltd opened his new business on 1 January 2022. On that date, the only asset was a bank balance of
Which is correct ?
Hendry Ltd opened his new business on 1 January 2022. On that date, the only asset was a bank balance of 11,000. During the year, Hendry's drawings from the business totalled 36,000. On 31 December 2022, the assets and liabilities of the business were as follows: Computers and furniture 61,000; inventory of raw materials 17,500; finished goods, at cost 8,400; bank overdraft 12,600; trade payables 6,500; prepayments 2,500; trade receivables 5,500; the provision for bad debts 3,000; bank loan 40,000; interest payable 1,500; accrued expenses 3,600. What is the profit of the business in the year ended 31 December 2022? Select one answer: 41,700 88,700 52,700 66,700
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