A-LevelAccountingPreparation of financial statements9706/12 · Feb/Mar 2017 · Q91 Mark

A business provides the following information. Revenue $140000; opening inventory $22000; closing inventory $24500; purchases $120000. Goods are sold at cost plus 25%. The owner has taken goods for own use but has not recorded these as drawings. What is the value of the goods taken for own use?

A$5500

B$10500

C$12500

D$17500

✓ Correct answer

A: $5500

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Topic: Preparation of financial statements, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, Feb/Mar 2017 Paper 1 Variant 2, question 9.

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