At the start of the year the balance on a sole trader’s capital account was $\$ 183000$.
During the year the following took place.
1 The owner introduced a motor vehicle into the business. This had a cost of $\$ 90000$ and had a market value of $\$ 74000$.
2 The owner took cash drawings of $\$ 15000$.
3 The owner took inventory for personal use. This had a cost of $\$ 24000$ and a selling price of $\$ 32000$.
After recording these and the profit for the year, the closing balance on the capital account was
$\$ 265000$.
What was the profit for the year?
1 )
$\$ 31000$
2 )
$\$ 39000$
$\$ 47000$
4 )
$\$ 55000$
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