Financial Forensics · End Term · 13 Apr 2025 · January 2025 term · Set 1-2

Question 28: How much is the total profit/loss?

Question 28

+1 markNumerical answer

D. Carson and F. Leggatt formed a partnership on June 1 to operate a shoe store. Carson contributed $50,000 cash and Leggatt contributed $50,000 worth of shoe inventory.
During the month of June, the following transactions took place:
1. Additional shoe inventory was purchased at a cost of $24,000 cash. 2. Total cash sales for the month were $31,000. The inventory that was sold had a cost of $15,500. 3. Carson withdrew $6,200 of cash drawings. Leggatt withdrew only $3,700 of cash drawings. 4. The partnership borrowed $50,000 from the Third National Bank. 5. Land and a building were purchased at a cash cost of $25,000 and $50,000.
Based on the above information answer the given subquestions:

How much is the total profit/loss?

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Correct answer: 15500

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Question 28 of 32 in the IIT Madras BS Financial Forensics (Financial Forensics) End Term paper sat on 13 Apr 2025, in the January 2025 term (IIT M IMPROVEMENT FN EXAM QIM2 13 Apr). It carries 1 mark.

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Question 28: How much is the total profit/loss?

Question 28

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