A-LevelAccountingPreparation of financial statements9706/12 · May/June 2010 · Q121 Mark

A firm has incomplete accounting records. The following figures are known. capital at start of year $20 000 owner's drawings $7 000 capital at end of year $30 000 How much profit has the firm made during the year?

A$7000

B$17 000

C$27 000

D$30 000

✓ Correct answer

B: $17 000

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Topic: Preparation of financial statements, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, May/June 2010 Paper 1 Variant 2, question 12.

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