Lian has run a business repairing motor vehicles for some years but has not kept proper accounting records. However, the following information is available.

The premises were bought some years ago and were valued at $9000 at 31 December 2003. At the same date, the motor van was valued at $4000. The motor car was Lian's own car, which he brought into the business at its original cost. Lian's weekly drawings were $120.

Required 

Calculate Lian's profit or loss for the year ended 31 December 2003.

Transcribed Image Text:

Premises at cost Motor van at cost Motor car at cost Plant and equipment Stock of parts Debtors for work done Balance at bank Owing to suppliers for parts at 1 January 2003 at 31 December 2003 $ $ 4000 4000 5000 5000 3000 1300 200 800 900 3:40 1100 400 700 1300 170