O-LevelAccountingPreparation of financial statements7707/12 · May/June 2022 · Q211 Mark

The draft financial statements of a limited company showed retained earnings of $31820. It was then found that no adjustment had been made for the following. $ commission receivable accrued 450 insurance prepaid 175 What was the correct amount of the retained earnings?

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A$31 195

B$31545

C$32095

D$32445

✓ Correct answer

D: $32445

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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 2, question 21.

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The draft financial statements of a limited company showed retained earnings of $31820. It was then found that no adjustment had been made for the following. $ commission receivable accrued 450 insurance prepaid 175 What was the correct amount of the retained earnings?

✓ Correct answer

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