A-LevelAccountingPreparation of financial statements9706/12 · Oct/Nov 2024 · Q161 Mark

A sole trader's statement of profit or loss shows the following information. opening inventory $5000 operating expenses $3000 profit for the year $5400 Closing inventory is 10% less than opening inventory. All goods sold are marked up by 50%. What were the purchases for the year?

A$10300

B$15700

C$16300

D$17300

✓ Correct answer

C: $16300

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Topic: Preparation of financial statements, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, Oct/Nov 2024 Paper 1 Variant 2, question 16.

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