◈ Oracle PrepSign Up Free
O-LevelAccountingPreparation of financial statements7707/11 · May/June 2025 · Q281 Mark

A trader does not maintain a full set of accounting records. How could he calculate the profit for the year?

Aclosing capital – opening capital – drawings – capital introduced
Bclosing capital – opening capital + drawings – capital introduced
Cclosing capital – opening capital + drawings + capital introduced
Dclosing capital – opening capital – drawings + capital introduced

✓ Correct answer

B: closing capital – opening capital + drawings – capital introduced

Practise more questions on this topic

Oracle Prep sorts past-paper questions by topic, so you can drill Preparation of financial statements and see which topics are most likely to come up next.

Sign up free →

About this question

Topic
Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source
O-Level Accounting, May/June 2025 Paper 1 Variant 1, question 28.

Questions and mark schemes are from past examination papers and remain the copyright of the exam board. How Oracle Prep builds its content

Related Accounting questions

Preparation of financial statementsMay/June 201040m

SGC Ltd is a trading company. The following balances were extracted from the books on 30 April 2010. $ Inventory (st…

Preparation of financial statementsMay/June 201040m

Wang Yee is a manufacturer. The following balances were extracted from his books on 31 January 2010. | | $ | |---|--…

Preparation of financial statementsMay/June 20111m

Which affects both gross profit and net profit?

Sources and recording of dataMay/June 20121m

Chan returns goods to Yeung. How is this recorded in the books of Yeung?

Sources and recording of dataMay/June 20121m

Winston sold goods on credit to Leroy. Which entries should Winston make in his ledgers?

Sources and recording of dataMay/June 20121m

Which book of prime entry is written up from the copies of credit notes issued by a trader?

← Browse all past-paper questions

© 2026 Oracle Prep