Accounting 9706 · AS & A Level · Preparation of financial statements

Preparation of financial statements — practice question

The financial details below are provided. Opening inventory $800$ Closing inventory $1010$ Purchases $9260$ Carriage inwards $130$ Revenue $18\,000$ Discount received $700$ Other expenses $3880$ What are the amounts of gross profit and profit for the year?

  • AGross profit $8820$, profit for the year $4240$
  • BGross profit $8820$, profit for the year $5640$
  • CGross profit $9080$, profit for the year $5900$
  • DGross profit $9520$, profit for the year $5640$

Worked solution & mark scheme

This 1-mark question has a full step-by-step worked solution and mark scheme.

  • Full mark scheme, point by point
  • Step-by-step worked solution
  • Write your answer & get it marked instantly by AI