O-LevelAccountingPreparation of financial statements7707/11 · May/June 2014 · Q231 Mark

A trader provided the following information. 1 April 2013 capital $25000 31 March 2014 assets $75000 liabilities $36500 drawings during the year $7500 What was the profit for the year ended 31 March 2014?

A$6000

B$13500

C$17500

D$21000

✓ Correct answer

D: $21000

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Topic: Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2014 Paper 1 Variant 1, question 23.

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