A sole trader provides the following information.
1 Jun 2019
31 May 2020
$
$
Total assets
400,000
404,000
Non-current liabilities
180,000
250,000
Total liabilities
300,000
358,000
Drawings for the year were $50,000. What was the net profit/(loss)?
$54,000 net profit
$4,000 net loss
$4,000 net profit
$54,000 net loss