O-LevelAccountingPreparation of financial statements7707/11 · May/June 2022 · Q261 Mark

A limited company provided the following information. Total equity on 1 January 2021: $500 000 Ordinary share dividend paid 30 June 2021: $25 000 Transfer to general reserve on 31 December 2021: $12000 Total equity on 31 December 2021: $558 000 What was the profit for the year?

A$46000

B$58 000

C$83000

D$95000

✓ Correct answer

C: $83000

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Topic: Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2022 Paper 1 Variant 1, question 26.

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