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 December 2023.

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