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O-LevelAccountingPreparation of financial statements7707/12 · May/June 2022 · Q191 Mark

Carol and Denise are in partnership sharing profits and losses in the ratio 2:1. Denise's current account balances were as follows. at 1 May 2021 $2000 debit at 1 May 2022 $7000 credit She had made no drawings during the year. What was the total profit made by the partnership in the year ended 30 April 2022?

A$9000
B$15000
C$18000
D$27000

✓ Correct answer

D: $27000

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About this question

Topic
Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source
O-Level Accounting, May/June 2022 Paper 1 Variant 2, question 19.

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