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

Preparation of financial statements — practice question

A sole trader supplied the details below. Net assets at 1 January 2021: $10000$ Net assets at 31 December 2021: $24000$ In the year ending 31 December 2021: Drawings during the year: $3200$ Cash brought in by the owner: $6000$ Motor vehicle brought in by the owner: $2500$ What profit did the trader make for the year ended 31 December 2021?

  • A$8000$
  • B$8700$
  • C$14700$
  • D$19300$

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