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Hi sir
A trader had the following items in his statement of financial position on 31 December 2015 and 20162015 2016
Land 2000 2000
Cars. 1000 –
Payables. 500 2000
Receivables. 2000 2000
Cash. 500. –
Closing inv. – 6000
Accrued exp. – 1000During the period the trader made drawings of 700
What was the trader’s profit for the year ended 31 December 2016?
The answer is 2700I find the opening net assets $4500 but it is 5000 in the solution. Explain please. Thanks in advance
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