A-LevelAccountingPreparation of financial statements9706/12 · Oct/Nov 2014 · Q131 Mark

The following information is available for a partnership at 31 December 2013. $ residual loss 3000 total salaries to partners 5000 total interest on capital 27000 total drawings 14000 total interest on drawings 700 How much is the profit for the year?

A$14300

B$20 300

C$28 300

D$34 300

✓ Correct answer

C: $28 300

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Topic: Preparation of financial statements, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, Oct/Nov 2014 Paper 1 Variant 2, question 13.

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