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| Bill, a sole trader, set up business on 1 October 20X8 with $30,000 of his own money. During the year to 30 September 20X9 he won $50,000 on the lottery and paid $30,000 of this into his business. He took cash drawings of $5,000 during the year and at 30 September 20X9 the net assets of the business totalled $59,000. What was the profit or loss of the business for the year ended 30 September 20X9? A $4,000 profit B $6,000 profit C $16,000 loss D $6,000 loss |