- 1 Marks
FA – May 2024 – L1 – SA – Q12 – Financial Statements Preparation
Calculates profit based on changes in assets, liabilities, and additional capital.
Question
Given the following information:
- Total assets at December 31, Year 2: ₦150,400
- Total assets at December 31, Year 1: ₦125,000
- Total liabilities at December 31, Year 2: ₦43,200
- Total liabilities at December 31, Year 1: ₦34,800
- Additional capital input on December 31, Year 2: ₦10,000
What was the profit of the business for the year ended December 31, Year 2?
A. ₦7,000
B. ₦17,000
C. ₦27,000
D. ₦90,200
E. ₦107,200
Find Related Questions by Tags, levels, etc.
- Tags: Assets and liabilities, Equity Calculation, Profit Calculation
- Level: Level 1
- Topic: Financial Statements Preparation
- Series: MAY 2024
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