Accounting 9706 · AS & A Level · The accounting system

The accounting system — practice question

A sole trader worked out a draft profit for the year of $56\,750. He later found that discounts received of $580 and discounts allowed of $665 had been entered on the wrong sides of their own accounts. What should the correct profit for the year be?

  • A$56\,580
  • B$56\,665
  • C$56\,835
  • D$56\,920

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