At 1 January 2003 Robert's business assets were valued at $36 000 and his liabilities amounted to
Question:
At 1 January 2003 Robert's business assets were valued at $36 000 and his liabilities amounted to $2000. At 31 December 2003 Robert's assets amounted to $57 000 and included his private car which he had brought into the business on 1 November 2003 when it was valued at $9000. His creditors at 31 December 2003 totalled $17000 and his drawings during the year
What was Robert's profit for the year ended 31 December 2003?
A. $6000
B. $14000
C. $ 24.000
D. $33 000
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The correct answer is B 14000 Here is the ca...View the full answer
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