O-LevelAccountingPreparation of financial statements7707/12 · Oct/Nov 2017 · Q201 Mark

Gurpreet is a broker and receives a commission from an insurance company when a client purchases a car insurance policy. The following information is available for the year ended 31 March 2017. Commission received from insurance company $15000 Commission on policies arranged in March 2017 not yet received $1200 Office rent $2500 Depreciation of non-current assets $900 Heating and lighting $520 What was the profit for the year?

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A$10780

B$11080

C$11980

D$12280

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D: $12280

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Topic: Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2017 Paper 1 Variant 2, question 20.

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