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An entity has the following income and expenditure for the financial year: Sales R33 000; Rent expenses R11 000; Interest income R1 000; Insurance R1 500.   The net profit or the net loss of the entity is …   NB: Instructions   1. Use a full stop to indicate any decimals (eg: 1000.01) 2. Only show the amount, do not show the R (eg: 12141.72)   3. If it is a loss, please enter the amount as a negative (eg: -12141.72)

An entity has the following income and expenditure for the financial year: Sales R33 000; Rent expenses R11 000; Interest income R1 000; Insurance R1 500.   The net profit or the net loss of the entity is …   NB: Instructions   1. Use a full stop to indicate any decimals (eg: 1000.01) 2. Only show the amount, do not show the R (eg: 12141.72)   3. If it is a loss, please enter the amount as a negative (eg: -12141.72)

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter5: Completing The Accounting Cycle
Section: Chapter Questions
Problem 1PB: Identify whether each of the following accounts would be considered a permanent account (yes/no) and...
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An entity has the following income and expenditure for the financial year: Sales R33 000; Rent expenses R11 000; Interest income R1 000; Insurance R1 500.

 

The net profit or the net loss of the entity is …

 

NB: Instructions

 

1. Use a full stop to indicate any decimals (eg: 1000.01)

2. Only show the amount, do not show the R (eg: 12141.72)

 

3. If it is a loss, please enter the amount as a negative (eg: -12141.72)

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