O-LevelAccountingPreparation of financial statements7707/13 · Oct/Nov 2023 · Q281 Mark

Par Golf Club had a shop that sold golfing equipment to its members. The treasurer provided the following information for the shop for the year ended 31 December. [Table showing: sales of golfing equipment $5300, opening inventory of golfing equipment $400, closing inventory of golfing equipment $450, purchases of golfing equipment $2700, returns from customers $200, carriage on purchases $100] What was the shop's gross profit for the year?

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A$2250

B$2350

C$2450

D$2750

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B: $2350

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Topic: Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2023 Paper 1 Variant 3, question 28.

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