A-LevelAccountingPreparation of Financial StatementsFeb/Mar 2016Paper 1 Q121 Mark
The statements of financial position of Goh's business showed the following: 30 June 2014 30 June 2015 net assets $152000 $184000 During the year ended 30 June 2015, Goh brought his own motor car into the business at the value of $14000. The net book value of this motor car at 30 June 2015 was $13200. He also withdrew $7900 cash from the business bank account. What was the profit for the year ended 30 June 2015?
A$25900
B$26 700
C$37 300
D$38 100
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The correct answer is A. This question tests the candidate's understanding of preparation of financial statements within the Accountingsyllabus. The examiner's mark scheme requires...
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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...
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