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At 1 April 2002 Tonkin's business assets were: motor van valued at $5000 (cost $8000), tools $1600, stock $700, debtors

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At 1 April 2002 Tonkin's business assets were: motor van valued at $5000 (cost $8000), tools $1600, stock $700, debtors $168, cash $400. His creditors totalled $1120. At 31 March 2003 his assets were: workshop which had cost $20 000 and on which a mortgage of $16 000 was still outstanding, motor van $4000, tools $1900, stock $1000, debtors $240 (of which $70 were known to be bad), cash $500. His creditors amounted to $800. During the year Tonkin's drawings amounted to $5200. 

What was Tonkin's profit for the year ended 31 March 2003? 

A. $6222 

B. $6292 

C. $9222 

D. $9292

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Accounting A Level And AS Level

Accounting A Level And AS Level

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Authors: Harold Randall

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Question Details
Chapter # 16- Incomplete records
Section: Multiple Choice Questions
Problem: 3
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Question Posted: August 27, 2023 08:51:20
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