Question

John keeps his books on single Entry system. On l' April 2016, his financial
position was as follows:
Cash in hand 250; Cash at Bank 3,000; Stock in trade 7,500; Furniture
& Fixtures 350; Sundry Debtors 9,800 Plant & machinery 15.100;
Sundry Creditors 9,000, During the year John withdrew from the business
5,900 for his personal use.
On 31 March 2017, his financial position was as follows:
Sundry Creditors: 7.500; Plant & Machinery 18,100; Fixtures & Furniture
320; Sundry Debtors t 13,300; stock-in trade 14,000; Cash in hand
150; Bank over draft 2,600. You are required to prepare a statement of
Profit and closing statement of affairs.​

Answer 1

Therefore Net Profit during the year is 14670