72.The SA. Sports does not keep double entry record and you have been appointed as accountant for the business and following information is available for the year ended 31 December 2020 . Net assets at 1 January 2020 60,000 Drawings during 2020 10,000 Capital introduced during 2020 80,000 Net assets at 31 December 2020 210,000 Required: Calculate the profit for 2020, based on this information.

140,000

80,000

None of the above

70,000

78.What must be done with all real accounts before preparing a statement of financial position? The following question has more than one correct answer, you need to select all of them to gain marks.Required to answer. Multiple choice.

(2 Points)

Include it in assets

Clear it to nil

Include it in liabilities

Reduce their balances

Do nothing