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O-LevelAccountingAccounting procedures7707/13 · Oct/Nov 2022 · Q301 Mark

Chan provided the following information. 1 October 2021: non-current assets $10000, inventory $2500, trade receivables $1500, bank overdraft $800, trade payables $1000. 30 September 2022: non-current assets $12000, inventory $2000, trade receivables $1300, bank overdraft $900, trade payables $1900. What was Chan's profit or loss for the year?

A$300 loss
B$300 profit
C$500 loss
D$500 profit

✓ Correct answer

B: $300 profit

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About this question

Topic
Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source
O-Level Accounting, Oct/Nov 2022 Paper 1 Variant 3, question 30.

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