O-LevelAccountingPreparation of financial statements7707/11 · May/June 2017 · Q171 Mark

On 1 April a business had a working capital of $6000. On 2 April $1150 was received from credit customers in settlement of debts of $1200. On the same day damaged inventory costing $200 was written off. What was the working capital at close of business on 2 April?

A$4600

B$5750

C$6950

D$7150

✓ Correct answer

B: $5750

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Topic: Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2017 Paper 1 Variant 1, question 17.

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