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

see answer

ding

see answer

a