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The liabilities of the business decreased by 15000 during

Question - During a particular year, the owner of Jones Pty Ltd made capital contributions of 15,000 but also made drawings of 8000. The liabilities of the business decreased by 1,5000 during the year while the assets increased by 10,500. Calculate the profit or loss for the year (show your calculations).

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Accounting Basics: The liabilities of the business decreased by 15000 during

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