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Determine the profit or loss for the year

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Question - Diana Taylor is a self-employed caterer operating her business from home. She keeps her accounting records for business activities completely separate from her records for personal activities. At 30 June 2019, Sarah had business assets and liabilities worth $62 500 and $41 000 respectively. At 30 June 2020, Sarah had business assets and liabilities worth $66 000 and $49 000 respectively.

Required -

A. Assuming Diana did not contribute to or withdraw from the business during the financial year, determine the profit/loss for the year.

B. Assuming Diana had withdrawn $15 000 during the year, determine the profit/loss for the year.

Reference no: EM132632241

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