A-LevelAccountingPreparation of financial statements9706/12 · Oct/Nov 2025 · Q141 Mark
A sole trader rented out part of his business office on 1 January 2024 at $500 per month for 24 months. During the year ended 31 December 2024, he received the following amounts: • rent of $5500 • rent deposit of $500 refundable at the end of month 24. Which amounts should be shown in the statement of financial position at 31 December 2024? current assets current liabilities A nil $500 B $500 nil C $500 $500 D $1000 nil
Anil, $500
B$500, nil
C$500, $500
D$1000, nil
✓ Correct answer
C: $500, $500
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