Imcomplete records
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wonder if someone can help
The net assets mof a business totalled £14,689 at 1st jan 03 and £19,509 at 31st dec 03. The owner did not pay any additional capital into the business but did withdraw £9,670 in drawings
what was the profit for the year
not sure why this has thrown me as have been ok up till now. I think its cause it a text question rather than needing to do the accounts.
If someone could work this out so i can see if i'm right it would be great
Thanks
The net assets mof a business totalled £14,689 at 1st jan 03 and £19,509 at 31st dec 03. The owner did not pay any additional capital into the business but did withdraw £9,670 in drawings
what was the profit for the year
not sure why this has thrown me as have been ok up till now. I think its cause it a text question rather than needing to do the accounts.
If someone could work this out so i can see if i'm right it would be great
Thanks
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Comments
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Re:Imcomplete records
This is how I would find it:
Net assets brought forward = £14,689
Less Drawings of (£9,670)
Sub total = £5,019
Net assets carried forward = £19,509
therefore (5,019 - 19,509) = £14,490 which represents the profit for the year.
Kind regards
Steve0 -
Re:Imcomplete records
that what i got but but a different method
thanks for that
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