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

Preparation of financial statements — practice question

There were three partners in the partnership. The combined balance on their current accounts at the beginning of the year was $18\,000$ and at the close of the year it was $32\,000$. Drawings during the year totalled $22\,000$ and the partners’ salaries came to $13\,000$. What profit was made for the year?

  • A$5000$
  • B$14\,000$
  • C$23\,000$
  • D$36\,000$

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