O-LevelAccountingAccounting procedures7707/11 · May/June 2015 · Q171 Mark

On 1 January 2014 Kim's net assets totalled $70000. On 31 December 2014 they totalled $55000. During the year Kim withdrew $4000 for personal use. What was the profit or loss for the year?

A$11000 loss

B$11000 profit

C$19000 loss

D$19000 profit

✓ Correct answer

A: $11000 loss

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2015 Paper 1 Variant 1, question 17.

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