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

Preparation of financial statements — practice question

The following details are given for a sole trader. Beginning of year / End of year Total assets: $100000 / $135000 Total liabilities excluding owner’s capital: $35000 / $40000 Over the year, the owner withdrew drawings of $18000. What was the profit for the year?

  • A$12000
  • B$30000
  • C$35000
  • D$48000

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