The following information is available for a sole trader who keeps no accounting records:
$
Net business assets at 1 July 2004 186,000
Net business assets at 30 June 2005 274,000
During the year ended 30 June 2005:
Cash drawings by proprietor 68,000
Additional capital introduced by proprietor 50,000
Business cash used to buy a car for the proprietor’s wife,
who takes no part in the business 20,000
Using this information, what is the trader’s profit for the year ended 30 June 2005?
A $126,000
B $50,000
C $86,000
D $90,000

A