A-LevelAccountingPreparation of financial statements9706/12 · May/June 2013 · Q121 Mark

The summarised statements of financial position for a business for two years are as follows. [Table: year 1, year 2 for non-current assets, current assets, less current liabilities, net assets] The drawings in year 1 were $5000 and in year 2 $3000. What is the profit for year 2?

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A$1000

B$4000

C$5000

D$7000

✓ Correct answer

D: $7000

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Topic: Preparation of financial statements, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, May/June 2013 Paper 1 Variant 2, question 12.

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The summarised statements of financial position for a business for two years are as follows. [Table: year 1, year 2 for non-current assets, current assets, less current liabilities, net assets] The drawings in year 1 were $5000 and in year 2 $3000. What is the profit for year 2?

✓ Correct answer

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