O-LevelAccountingThe fundamentals of accounting7707/11 · Oct/Nov 2012 · Q211 Mark
On 1 January 2011 Kim's net assets totalled $70 000. On 31 December 2011 they totalled $55 000. During the year he had withdrawn $4000 for personal use. What was the profit or loss for the year?
A$11 000 loss
B$11 000 profit
C$19 000 loss
D$19 000 profit
✓ Correct answer
A: $11 000 loss
Practise more questions on this topic
Oracle Prep sorts past-paper questions by topic, so you can drill The fundamentals of accounting and see which topics are most likely to come up next.
Sign up free →