A-LevelAccountingPreparation of financial statements9706/12 · Oct/Nov 2009 · Q121 Mark
The summarised balance sheets for a business for two years are as follows. year 1 $ year 2 $ fixed assets 9 000 12 000 current assets 6 000 8 000 less current liabilities (5 000) (6 000) net assets 10 000 14 000 The drawings in year 1 were $5000 and in year 2 $3000. What is the net profit for year 2?
A$1000
B$4000
C$5000
D$7000
✓ Correct answer
D: $7000
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