Wanda keeps no accounting records. The following information is available about her position and transactions for the year ended 31 December X4:
| Net assets at 1 January X4 | 60,000 |
| Drawings during X4 | 50,000 |
| Capital introduced during X4 | 60,000 |
| Net assets at 31 December X4 | 130,000 |
Based on this information, what was Wanda's profit for X4?
Suggested solutions:
Opening balance + capital introduced +profit -drawings =closing balance
Profit = closing balance -openig balance - capital introduced +drawings
= 130,000 -60,000 - 60,000 +50,000
Answer: 60,000