A-LevelAccountingPreparation of financial statements9706/12 · Oct/Nov 2018 · Q161 Mark

The statement of financial position of a business on 31 December 2017 showed the following. retained earnings $136 000 general reserves $28 000 share premium $55000 During the year ended 31 December 2017 the business had made a profit for the year of $25000 and had transferred $10000 to the general reserve. What was the total of revenue reserves on 1 January 2017?

A$101000

B$139000

C$149000

D$194000

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B: $139000

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Topic: Preparation of financial statements, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, Oct/Nov 2018 Paper 1 Variant 2, question 16.

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