Ashwin began a business as a taxi driver on 1 January 2022. His taxi cost $5000 and he paid $100 into a business bank account. No accounting records were kept. On 31 December 2022, the balance in the business bank account was $1750, the taxi had a value of $4000 and he owed $50 to the garage for repairs. Over the year, he withdrew $1600 from the business bank account as drawings. What was the profit for the year?
- A$1650
- B$2200
- C$2250
- D$3250