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

Preparation of financial statements — practice question

The following figures have been taken from the statement of financial position of a sole trader at 31 March 2021: Non-current assets $\$130000$ Current assets $\$32000$ Current liabilities $\$18000$ Non-current liabilities $\$25000$ Profit for the year ended 31 March 2021 $\$20000$ Drawings $\$15000$ What is the balance on the capital account at 31 March 2021?

  • A$\$114000$
  • B$\$119000$
  • C$\$124000$
  • D$\$167000$

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