O-LevelAccountingPreparation of financial statements7707/11 · May/June 2010 · Q251 Mark

Barry's sales for his first year of trading were $55 000. His gross profit margin was 20%. The closing inventory (stock) was $3200. What were the purchases for the year?

A$41 250

B$44 000

C$44 450

D$47 200

✓ Correct answer

D: $47 200

Practise more questions on this topic

Oracle Prep sorts past-paper questions by topic, so you can drill Preparation of financial statements and see which topics are most likely to come up next.

About this question

Topic: Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2010 Paper 1 Variant 1, question 25.

Questions and mark schemes are from past examination papers and remain the copyright of the exam board. How Oracle Prep builds its content

Related Accounting questions

Preparation of financial statementsMay/June 201040m

SGC Ltd is a trading company. The following balances were extracted from the books on 30 April 2010. $ Inventory (st…

Preparation of financial statementsMay/June 201040m

Wang Yee is a manufacturer. The following balances were extracted from his books on 31 January 2010. | | $ | |---|--…

Preparation of financial statementsMay/June 20111m

Which affects both gross profit and net profit?

The fundamentals of accountingMay/June 20101m

A sports club had the following assets and liabilities. $ trade payables (creditors) for refreshments 750 bank 1870 …

Accounting principles and policiesMay/June 20101m

A sole trader purchased the following items from an office supplier. $ calculator 10 computer system 2000 document s…

Sources and recording of dataMay/June 201019m

Rahman is a debtor in the books of Goldy. On 1 April 2010 the balance on the account of Rahman was $300. The followi…

← Browse all past-paper questions