A business started trading on 1 June 2013. The owner has not kept full accounting records. The following information is available for the year ended 31 May 2014.

All purchases are made for cash and there was no inventory. At 31 May 2014. trade receivables totalled $7000; expenses due but unpaid amounted to S3000.

What was the profit for the year ended 31 May 2014?

A. $26 000

B. $30 000

C. $33 000

D. $36 000

Transcribed Image Text:

Dr Cash book (summary) Cr $ $ Sales 157 000 Purchases 103 000 Expenses 28 000 Balance 26 00 157 000 157 000