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ACCOUNTING
Asked by Hamza

Fixtures £10,000, Stock £5,000, Cash at bank £10,000, Liabilities: Creditors £2,500. There were no acquisitions and no new injection of capital. What is the profit during the month?

Since Fixtures are capital asset, the expense isn't shown initially in the profit and loss statement so we can ignore that. That leaves Cash+Stock-Creditors, which leaves £12,500. This is all assuming that both the stock and cash came that month.

Robert A
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