O-LevelAccountingThe fundamentals of accountingOct/Nov 2010 · Q211 Mark

Beth provided the following information. 1 January | 31 December Net assets | $28 000 | $24 000 Her drawings during the year amounted to $3000. What was Beth's profit for the year (net profit) or loss for the year (net loss)? A $1000 loss B $1000 profit C $7000 loss D $7000 profit

Mark scheme

Marking points from the official mark scheme (Oct/Nov 2010). The mark or mark type is shown in brackets.

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Topic: The fundamentals of accounting, O-Level Accounting (syllabus 7707). Structured question, 1 mark.
Source: O-Level Accounting, Oct/Nov 2010 Variant 1, question 21.

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