Accounting · Preparation of Financial Statements
Min is a sole trader who has the following information about her business: Opening net assets: $50,000 Closing net assets: $120,000 Drawings: $30,000 Capital introduced: $40,000 What was Min's net profit for the year?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Nil
- 2$60,000✓
- 3$80,000
- 4$140,000
Correct answer
$60,000
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