9706/13 Accounting Oct Nov 2022 Online Test | Cambridge AS and A Level MCQ

Lu had the following capital account balances.
During year 2 the following took place:
1- cash drawings $33 000
2- personal motor vehicle introduced to the business at a value of $24 500.
Expenses for the year include a payment for rent of $10 000, of which 40% was for Lu’s personal use.
What was his profit for year 2?