Sunil started business on 1 December 2014 with cash of USD5,000. He has not yet prepared a full set of financial statements. As at the end of his first year of trading he has cash at bank of USD1,726. He made sales of USD33,498 during the year and paid expenses in cash of USD19,385. He has no outstanding liabilities at the end of the period and has no non-current assets or inventory, but one customer owes him USD2,387.Sunil made no other capital contributions but withdraw cash amounting to USD15,000 in the period.What is Sunil’s profit for the year to 30 November 2015 and his net assets at the end of the period?
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