O-LevelAccountingAccounting proceduresOct/Nov 2017Paper 1 Q111 Mark
Gary rents his business premises. His financial year ends on 30 September. On 1 October 2016 rent prepaid amounted to $3000. During the year ended 30 September 2017 a total of $7000 rent was paid. On 30 September 2017 rent outstanding amounted to $2000. Which journal entry shows the transfer of the rent to the income statement on 30 September 2017?
Adebit income statement $8000, credit rent $8000
Bdebit income statement $12000, credit rent $12000
Cdebit rent $8000, credit income statement $8000
Ddebit rent $12000, credit income statement $12000
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The correct answer is B. This question tests the candidate's understanding of accounting procedures 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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