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O-LevelAccountingThe fundamentals of accounting7707/12 · May/June 2017 · Q241 Mark

How can profit for the year be calculated?

Aclosing capital + opening capital + drawings
Bclosing capital + opening capital – drawings
Cclosing capital – opening capital + drawings
Dclosing capital – opening capital – drawings

✓ Correct answer

C: closing capital – opening capital + drawings

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About this question

Topic
The fundamentals of accounting, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source
O-Level Accounting, May/June 2017 Paper 1 Variant 2, question 24.

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