At the start of the year the balance on a sole trader’s capital account was $183 000.
During the year the following took place.
1. The owner introduced a motor vehicle into the business. This had a cost of $90 000 and had a market value of $74 000.
2.The owner took cash drawings of $15 000.
3. The owner took inventory for personal use. This had a cost of $24 000 and a selling price of $32 000.
After recording these and the profit for the year, the closing balance on the capital account was $265 000.
What was the profit for the year?
1 )
$31 000
2 )
$39 000
$47 000
4 )
$55 000
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