O-LevelAccountingThe fundamentals of accounting7707/11 · May/June 2025 · Q271 Mark
A trader's assets increased by $25000 and liabilities decreased by $5000 during the year. He took no drawings during the year. What was the profit or loss for the year?
A$20 000 loss
B$20 000 profit
C$30 000 loss
D$30 000 profit
✓ Correct answer
D: $30 000 profit
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