A-LevelAccountingReconciliation and verification9706/12 · May/June 2019 · Q91 Mark

A sole trader calculated a draft profit for the year of $56750. He then discovered that discounts received of $580 and discounts allowed of $665 had been recorded on the wrong sides of their respective accounts. What is the correct profit for the year?

A$56 580

B$56 665

C$56835

D$56 920

✓ Correct answer

A: $56 580

Practise more questions on this topic

Oracle Prep sorts past-paper questions by topic, so you can drill Reconciliation and verification and see which topics are most likely to come up next.

About this question

Topic: Reconciliation and verification, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, May/June 2019 Paper 1 Variant 2, question 9.

Questions and mark schemes are from past examination papers and remain the copyright of the exam board. How Oracle Prep builds its content

Related Accounting questions

Reconciliation and verificationFeb/Mar 20211m

The closing balance on a purchases ledger control account is $163762. The purchases journal has been undercast by $10…

Reconciliation and verificationFeb/Mar 20211m

A business has calculated its draft profit for the year as $15000. The following were then discovered. 1 General exp…

Reconciliation and verificationFeb/Mar 20221m

What is entered in the sales ledger control account? 1 cash sales 2 increase in provision for doubtful debts 3 return…

Preparation of financial statementsFeb/Mar 20181m

A company issues 50000 ordinary shares of $5 each at a premium of $15. It also issues a 4% debenture, $300000. By whi…

Preparation of financial statementsFeb/Mar 20181m

Which statements describe a capital reserve? 1 It is a reserve arising from a gain which is not yet realised. 2 It is…

Preparation of financial statementsFeb/Mar 20181m

The following is an extract from a statement of changes in equity. ordinary share general retained share capital prem…

← Browse all past-paper questions