1-On 1 January 2021 the net assets of Fatimas business amounted to 74,000. During the year ended 31 December 2021, her business recorded a profit of 33,000, Fatima withdrew 26,000 to cover personal living costs, and she also invested an additional 7,500 into her business. What were the net assets of Fatimas business as at 31 December 2021?

Pam Sweetman is a sole trader who doesnt maintain control accounts for either receivables or payables. Which of the following are INCORRECT for her business? Account to be debited Account to be credited 1. Paid bank charges Bank charges Cash at bank 2. Bought goods for resale on credit terms from R Nutwood R Nutwood payable Purchases 3. Bought fixtures & fittings, paying straight away by bank transfer Fixtures & fittings Cash at bank 4. Received faulty goods returned by one of her credit customers, J Maxwell J Maxwell receivable Returns inwards (Simply write A, B, C or D in your answer document to indicate your answer.) A 1. and 3. only B 1. and 2. only C 2. and 4. only D 3. and 4. only