O-LevelAccountingAccounting procedures7707/11 · May/June 2017 · Q241 Mark

Nula provided the following information for the year. drawings for the year 3900 net assets at 1 January 2016 60 500 net assets at 31 December 2016 72275 What was the profit or loss for the year?

A$7875 loss

B$7875 profit

C$15675 loss

D$15675 profit

✓ Correct answer

D: $15675 profit

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2017 Paper 1 Variant 1, question 24.

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