O-LevelAccountingAccounting procedures7707/11 · May/June 2021 · Q261 Mark

Nula provided the following information for the year ended 31 March 2021. drawings for the year $3900 net assets at 1 April 2020 $60500 net assets at 31 March 2021 $72275 What was the profit or loss for the year ended 31 March 2021?

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 2021 Paper 1 Variant 1, question 26.

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