Question: Bright Future Technologies Ltd started business on 1 January 2 0 2 3 with an initial capital of 2 0 , 0 0 0 in

Bright Future Technologies Ltd started business on 1 January 2023 with an initial capital of 20,000 in cash. During the first year of operation, the owner withdrew 25,000 for personal use. At the end of the year, on 31 December 2023, the company's financial statements showed the following figures: Equipment and vehicles: 70,000 Stock of raw materials: 15,000 Finished products (at cost): 10,000 Bank overdraft: 9,000 Creditors: 7,000 Prepaid insurance: 1,500 Debtors: 8,000 Allowance for doubtful debts: 1,000 Mortgage: 50,000 Accrued utility bills: 2,500 During the year, the revenue generated from sales amounted to 90,000. Calculate the profit made by Bright Future Technologies Ltd for the year ended 31 Jan 2023

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