A-LevelAccountingAccounting for non-current assets9706/12 · Oct/Nov 2024 · Q51 Mark

The draft profit for the year of a business is $53000. During the year, the business acquired new premises and included the following costs in the cost of the premises. $ legal fees 1500 insurance 4500 The business does not charge any depreciation on premises. What is the revised profit for the year?

A$47000

B$48 500

C$51500

D$59 000

✓ Correct answer

B: $48 500

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Topic: Accounting for non-current assets, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, Oct/Nov 2024 Paper 1 Variant 2, question 5.

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