ACCA F3 Incomplete
Wanda keeps no accounting records. The following information is available about her position and transaction for the year ended 31 December 2014.
Based on this information, what was Wanda's profit for 2014?
| Net assets at 1 January 2014 | 60,000 |
| Drawings during 2014 | 59,920 |
| Capital introduced during 2014 | 12,000 |
| Net assets at 31 December 2014 | 75,000 |
Suggested solutions
| Net assets at 1 January 2014 | 60,000 |
| Less Drawings during 2014 | ( 59,920 ) |
| Add Capital introduced during 2014 | 12,000 |
| Add profit during 2014 | Profit |
| = Net assets at 31 December 2014 | 75,000 |
Solved the euqation
Answer = 62,920
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