O-LevelAccountingAccounting procedures7707/12 · May/June 2025 · Q211 Mark

Draft financial statements prepared at the end of the first year of trading show: • draft profit for the year of $24000 • trade receivables of $6300. An amount of $200 is to be written off as irrecoverable. A provision for doubtful debts is to be set at 1% of the remaining trade receivables. What is the revised profit for the year?

A$23737

B$23739

C$23800

D$23939

✓ Correct answer

B: $23739

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2025 Paper 1 Variant 2, question 21.

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