on 1 july 2012 a business had net assets of $23000.
at 30 june 2013 they had total assets of $34000 and total liabilities of $8000.
during the year the owner had introduced $2000 more capital and had taken drawings of $500 per month
what was the profit for year ended 30 june 2013?
Ask the Tutor ACCA FA
financial accounting f3
6y ago#1Please do not simply set test questions and expect a full answer. You must have an answer in the same book in which you found the question (I assume of course that you are using a Revision Kit from one of the ACCA approved publishers), so ask about whatever it is in the answer that you are not clear about and then I will explain.
The question requires you to use the accounting equation, which is explained in detail in my free lectures on Chapter 2 of our free lecture notes.
(It stopped being called Paper F3 two years ago and is now Paper FA)
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