Wanda keeps no accounting records. The following information is available about her position and transactions for the year ended 31 December 20X4:
$
Net assets at 1 January 20X4
210,000
Drawings during 20X4
48,000
Capital introduced during 20X4
100,000
Net assets at 31 December 20X4
400,000
Based on this information, what was Wanda's profit for 20X4?
$________
The correct answer is $138,000.
Opening net assets + Profit + Capital introduced - Drawings = Closing net assets
210,000 + Profit + 100,000 - 48,000 = 400,000
Profit = $138,000
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