O-LevelAccountingAccounting procedures7707/12 · Oct/Nov 2023 · Q151 Mark

Plant and machinery, $2000, was incorrectly posted to the credit side of the purchases account. The draft profit for the year was $63000. Ignore depreciation. What was the revised profit for the year after the correction of the error?

A$59000

B$61000

C$65.000

D$67000

✓ Correct answer

B: $61000

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2023 Paper 1 Variant 2, question 15.

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