A-LevelAccountingPreparation of financial statements9706/12 · Feb/Mar 2017 · Q71 Mark
The following balances related to Ladha's business. At 31 March 2016: total assets $388000, total liabilities $84000, net assets $304000, drawings during the year $22000. At 31 March 2015: total assets $345000, total liabilities $75000, net assets $270000, drawings during the year $20000. What was Ladha's profit for the year ended 31 March 2016?
A$12000
B$32000
C$36000
D$56000
✓ Correct answer
D: $56000
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