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

Preparation of financial statements — practice question

At the end of the financial period, a business shows these balances: non-current assets: $102\,000$ trade receivables: $39\,000$ trade payables: $27\,000$ profit for the period: $65\,000$ drawings: $32\,000$ long-term loan: $50\,000$ What is the closing balance on the owner’s capital account at the end of the financial period?

  • A$32\,000$
  • B$64\,000$
  • C$97\,000$
  • D$141\,000$

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