O-LevelAccountingPreparation of financial statements7707/12 · May/June 2020 · Q291 Mark

Gordon provided the following information for the year. revenue $90 000 opening inventory $8000 closing inventory $2000 mark up 50% Gordon took goods, $7000, for his own use. What were the purchases?

A$43000

B$47000

C$54000

D$61000

✓ Correct answer

D: $61000

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Topic: Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2020 Paper 1 Variant 2, question 29.

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