O-LevelAccountingAccounting procedures7707/11 · May/June 2022 · Q291 Mark

A trader does not keep full accounting records but was able to provide the following information. Capital at 1 January 2021: $26 000 Capital at 31 December 2021: $37 000 Drawings made during year: $6500 During the year, $9500 was withdrawn from the owner's private bank account to purchase a motor vehicle to be used by the business. What was the profit for the year?

A$8000

B$11000

C$14000

D$17500

✓ Correct answer

A: $8000

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2022 Paper 1 Variant 1, question 29.

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