A-LevelAccountingPreparation of financial statements9706/12 · May/June 2012 · Q81 Mark

A company's accounts showed a gross profit for the year of $32 500. After the draft financial statements were prepared it was found that the opening inventory had been overstated by $2400 and the closing inventory had been understated by $3400. What is the corrected gross profit for the year?

A$26 700

B$31 500

C$33 500

D$38 300

✓ Correct answer

D: $38 300

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Topic: Preparation of financial statements, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, May/June 2012 Paper 1 Variant 2, question 8.

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