O-LevelAccountingPreparation of financial statements7707/12 · Oct/Nov 2022 · Q111 Mark

After the preparation of her income statement, Emma discovered the following errors. A debt, $1500, should have been written off as irrecoverable. No adjustment had been made for rent prepaid by Emma of $2800. The draft profit for the year was $35000. What was the corrected profit for the year?

A$30 700

B$33 700

C$36 300

D$39300

✓ Correct answer

C: $36 300

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Topic: Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2022 Paper 1 Variant 2, question 11.

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After the preparation of her income statement, Emma discovered the following errors. A debt, $1500, should have been written off as irrecoverable. No adjustment had been made for rent prepaid by Emma of $2800. The draft profit for the year was $35000. What was the corrected profit for the year?

✓ Correct answer

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