A-LevelAccountingPreparation of financial statements9706/12 · Oct/Nov 2021 · Q131 Mark
A sole trader has not kept a full set of double-entry records. The following information relates to the business for the year ended 31 March 2021. $Sales: 210000 Inventory at 1 April 2020: 17600 Inventory at 31 March 2021: 18700 Prepaid expense at 1 April 2020: 630 Expenses paid by cheque: 11900 All goods are marked up by 25%. What were the purchases and profit for the year?
A158 600 (purchases), 40 150 (profit)
B168000 (purchases), 29470 (profit)
C168000 (purchases), 30 730 (profit)
D169 100 (purchases), 29470 (profit)
✓ Correct answer
D: 169 100 (purchases), 29470 (profit)
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