Paper 2 · Final accounts of a sole trader

S. Kamwendo's Trading and Profit and Loss Account for the year ended 31 December 2009 showed a gross profit of $42 600, other income of$ 90, and total expenses of $35 610. What was the net profit for the year?

A$6 930

B$6 990

C$7 080

D$7 230

Explanation: Net profit =

42 600 +

90 -

35 610 =

7 080.

Derived from ZIMSEC Principles of Accounts 7112/2 Paper 2, June 2014, Q1

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