A-LevelAccountingFinancial Statements of Sole TradersFeb/Mar 2019Paper 1 Q121 Mark
For the year ended 31 December 2018, Sim’s net assets increased by $1210. The following transactions took place during 2018. 1 Payments out of Sim’s personal bank account: rent for business office $3600, rent for personal residence $2000. 2 Drawing of goods: with a cost $6200 and sales value $7700. 3 Drawing of cash: $9750. What was the profit for the year ended 31 December 2018?
A$11560
B$13560
C$15060
D$15160
✓ Correct Answer
The correct answer is B. This question tests the candidate's understanding of financial statements of sole traders within the Accountingsyllabus. The examiner's mark scheme requires...
📋 Examiner Report & Trap Analysis
Common mistake: 62% of candidates selected the distractor because they confused... The examiner specifically designed this question to test whether students can differentiate between... To secure full marks, candidates must demonstrate...
🔒
Unlock the Examiner's Answer
Sign up for free to reveal the correct answer, the official mark scheme breakdown, and the examiner trap analysis for this question.
Sign Up Free to Unlock →Join thousands of Cambridge students already using Oracle Prep