A-LevelAccountingPreparation of financial statements9706/12 · Oct/Nov 2017 · Q101 Mark

A business does not keep complete accounting records. The following information is known for the year. [Table: capital at start $52000, capital at end $55000, drawings $13000, capital introduced $25000] What is the profit or loss for the year?

Aloss $9000

Bprofit $9000

Closs $15000

Dprofit $15000

✓ Correct answer

A: loss $9000

Practise more questions on this topic

Oracle Prep sorts past-paper questions by topic, so you can drill Preparation of financial statements and see which topics are most likely to come up next.

About this question

Topic: Preparation of financial statements, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, Oct/Nov 2017 Paper 1 Variant 2, question 10.

Questions and mark schemes are from past examination papers and remain the copyright of the exam board. How Oracle Prep builds its content

Related Accounting questions

Preparation of financial statementsFeb/Mar 20161m

The statements of financial position of Goh's business showed the following: 30 June 2014 30 June 2015 net assets $15…

Preparation of financial statementsFeb/Mar 20161m

P joined the partnership of G and H. He brought into the business the following assets. non-current assets cost $2500…

Preparation of financial statementsFeb/Mar 20161m

X and Y have capital accounts of $50000 each and share profits equally. They plan to admit Z into partnership. The ne…

The accounting cycleFeb/Mar 20161m

Omar wishes to become a trader. He decides to buy an existing business in a good location. He pays more for the busin…

Reconciliation and verificationFeb/Mar 20161m

A sales ledger control account was prepared. An irrecoverable debt of $40 was omitted and a discount allowed of $68 w…

Reconciliation and verificationFeb/Mar 20161m

The trial balance totals are as follows: debit $500 150 credit $500 000 Which error could have caused the difference?

← Browse all past-paper questions