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

Preparation of financial statements — practice question

Jane supplied these details for her business. 1 January 2021 / 31 December 2021 Total assets: $108000 / $119000 Current liabilities: $7500 / $11500 Over the year, the business received a long-term loan of $10000 and Jane’s drawings came to $12000. What was Jane’s profit for the year ended 31 December 2021?

  • A$7000
  • B$9000
  • C$19000
  • D$29000

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