Determine the profit for the year?

A proprietor started business with #13,000. Assets and liabilities at the end of the year; fixed assets #8,800, stock #, 600, debtors #1,000, cash #3, 000 and creditors #1,000. Determine the profit for the year?

A. #2,400
B. #3,000
C. #9,800
D. #1,400

Correct Answer:

Option D – #1,400