Paper 2 · Final accounts of a sole trader

Chiedza Fashion Boutique's Income Statement for the year ended 31 December 2014 showed an adjusted gross profit plus other income of $499 848, and total expenses of$ 226 294. What was the net profit for the year?

Model answer

$273 554

Also accepted: 273554, 273 554

Explanation:

499 848 -

226 294 = $273 554.

Derived from ZIMSEC Principles of Accounts 7112/2 Paper 2, November 2015, Q1

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