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

Preparation of financial statements — practice question

Finn gives these figures: capital at the beginning of the year $19800, profit for the year $24000, cash drawings $19500, drawings of goods for own use $1100, and a private vehicle transferred to business use $6000. What was Finn’s capital at the end of the year?

  • A$23200
  • B$24300
  • C$29200
  • D$31400

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