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Asman Traders had the following information extracted from their books of accounts as at 31st June 2006 ...

      

Asman Traders had the following information extracted from their books of accounts as at 31st
June 2006
Shs.
Capital (1st July 05) 3 500 000
Additional investment 540 000
Drawings for the year 25 200
Capital (31st June 06) 6 000 000
Determine the profit for the year

  

Answers


Kavungya
Capital=OPC +add +NP-drawing
6,000,000=3,500,000+540,000+NP-25,000
NP= (6,000,000+25,000)-3,500,000+540,000)
NP=6,025,000-4,040,000=1,985,000
Kavungya answered the question on April 3, 2019 at 11:31


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