A-LevelAccountingPreparation of financial statements9706/12 · Oct/Nov 2016 · Q101 Mark

A sole trader provides the following information. start of year end of year $ $ total assets 100000 135000 total liabilities excluding owner's capital (35000) (40000) During the year the owner took drawings of $18000. What was the profit for the year?

A$12000

B$30000

C$35000

D$48000

✓ Correct answer

D: $48000

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Topic: Preparation of financial statements, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, Oct/Nov 2016 Paper 1 Variant 2, question 10.

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