A sole trader has a draft profit for the year of $47 500.
No entries have been made in respect of the following.
1 At the end of the year trade receivables were $5600 more than the previous year. However, an irrecoverable debt of $360 had not been written off. The trader maintains a provision of doubtful debts of 5%.
2 A machine had been sold for $4000. It had a net book value of $3500.
What will be the correct profit for the year?
1 )
$46 360
$47 378
3 )
$47 902
4 )
$47 920
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