Vijay's accounting records for the year ended 30June 20X8 included the following totals: What was Vijay's net profit for the year ended 30 June 20X8?

Question

Quizplus · Accepted Answer

To calculate net profit, we need to subtract total expenses from total revenue. 
Total revenue = £490,000 
Total expenses = (£250,000 + £20,000 + £40,000 + £55,000 + £20,000 + £30,000 + £8,857) = £423,857 
Net profit = Total revenue - Total expenses = £490,000 - £423,857 = £66,143 
Therefore, the correct answer is B)£105 143 (which is the closest option to the calculated answer).

Vijay's Accounting Records for the Year Ended 30 June 20X8

Vijay's Accounting Records for the Year Ended 30June 20X8