O-LevelAccountingPreparation of financial statements7707/12 · Oct/Nov 2024 · Q91 Mark
A trader's draft income statement showed a profit for the year of $24500. The following errors were later discovered. 1 No adjustment had been made for accrued income of $8000. 2 Carriage inwards of $250 had been recorded as carriage outwards. 3 An increase in provision for doubtful debts of $120 had been treated as an addition to the gross profit for the year. What was the corrected profit for the year?
A$32010
B$32 260
C$32380
D$32740
✓ Correct answer
B: $32 260
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