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O-LevelAccountingPreparation of financial statements7707/11 · May/June 2024 · Q261 Mark

The AB Sports Club runs a café for the use of members. The treasurer prepared draft financial statements which showed a deficit of $700 and an accumulated fund of $4600. He then discovered that the closing inventory of the café had been overvalued by $50. How much were the deficit and the accumulated fund after the inventory valuation had been corrected?

A650 4550
B650 4650
C750 4550
D750 4650

✓ Correct answer

C: 750 4550

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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 2024 Paper 1 Variant 1, question 26.

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