O-LevelAccountingPreparation of financial statementsOct/Nov 2019Paper 2 Q320 Marks
ABC Limited has ordinary share capital consisting of 150000 shares of $1 each. The following is an extract from the statement of changes in equity for ABC Limited for the year ended 31 August 2019. ABC Limited Statement of Changes in Equity for the year ended 31 August 2019 Ordinary share capital General reserve Retained earnings Total $ $ $ $ Balance 1 September 2018 150000 25000 56000 ? Profit for the year 32000 32000 Interim dividend for the year (3000) (3000) Final dividend for the year (4500) (4500) Transfer to general reserve 20000 (20000) Balance 31 August 2019 ? ? ? ? Additional balances at 31 August 2019 $ Trade payables 17500 Current assets 72500 Other payables 3000 5% Debentures (repayable 2025) 50000 Non-current assets 280 000 4% Bank loan (repayable 2022) 20000 Bank overdraft 6500 REQUIRED
📋 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...
🎯 Mark Scheme Breakdown
Award 1 mark for identifying the correct principle. Award 1 mark for showing clear working. Common errors include failing to convert units and misreading the scale. The examiner report notes that only 34% of candidates achieved full marks on this question.
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