O-LevelAccountingAccounting procedures7707/12 · May/June 2012 · Q261 Mark

A trader does not keep a full set of accounting records. How is the profit for the year calculated?

Aclosing capital less opening capital less capital introduced plus drawings

Bclosing capital less opening capital less drawings

Cclosing capital less opening capital plus capital introduced

Dclosing capital less opening capital plus capital introduced less drawings

✓ Correct answer

A: closing capital less opening capital less capital introduced plus drawings

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2012 Paper 1 Variant 2, question 26.

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