A-LevelAccountingPreparation of financial statements9706/12 · Feb/Mar 2023 · Q41 Mark

At the start of a financial period, the owner's capital account of a business showed a balance of $85000. During the period, the owner introduced to the business a private vehicle worth $30000. In addition, the owner made cash drawings of $15000. The business made a net loss for the period of $22000. What is the balance on the capital account at the end of the period?

A$18000

B$48.000

C$78000

D$100000

✓ Correct answer

C: $78000

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Topic: Preparation of financial statements, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, Feb/Mar 2023 Paper 1 Variant 2, question 4.

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