Please use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to  each multiple choice question.
Each question is worth 2 marks.

A company’s statement of profit or loss for the year ended 31 December 20X5 showed a net profit of $83,600. It was later found that $18,000  paid for the purchase of a motor van had been debited to the motor expenses account.
It is the company’s policy to depreciate motor vans at 25% per year on the straight line basis, with a full year’s charge  in the year of  acquisition.
What would the net profit be after adjusting for this error?
A $106,100
B $70,100
C $97,100
D $101,600 

Answer:

C
                                                                    $
Profit                                                    83,600
Purchase of van                                   18,000
Depreciation 18,000 x 25%                   (4,500)
                                                            –––––––
                                                             97,100
                                                            –––––––

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