A-LevelAccountingPreparation of financial statements9706/12 · Feb/Mar 2018 · Q101 Mark

A business has a draft profit for the year of $182750. The following adjustments have not yet been made. 1 a decrease of $2800 in the provision for doubtful debts 2 a prepayment of rent by the tenant of $3900 at the year-end What is the actual profit for the year?

A$176050

B$181650

C$183 850

D$189450

✓ Correct answer

B: $181650

Practise more questions on this topic

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

About this question

Topic: Preparation of financial statements, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, Feb/Mar 2018 Paper 1 Variant 2, question 10.

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

Preparation of financial statementsFeb/Mar 20171m

The following balances related to Ladha's business. At 31 March 2016: total assets $388000, total liabilities $84000…

Preparation of financial statementsFeb/Mar 20171m

A trial balance showed a provision for doubtful debts as $1350. Trade receivables were $50320 which included a debt o…

Preparation of financial statementsFeb/Mar 20171m

A business provides the following information. Revenue $140000; opening inventory $22000; closing inventory $24500; …

Accounting for non-current assetsFeb/Mar 20171m

During the year ended 31 December 2012 a business purchased a vehicle for $23500. On 30 September 2015 it was sold fo…

Reconciliation and verificationFeb/Mar 20171m

Why is a sales ledger control account used? 1 to control discounts received 2 to ensure credit customers pay promptl…

Reconciliation and verificationFeb/Mar 20171m

A purchases ledger control account was prepared but contained a number of errors. purchases ledger control account …

← Browse all past-paper questions