O-LevelAccountingAccounting proceduresOct/Nov 2020Paper 1 Q211 Mark
A partnership maintains both current and capital accounts for each partner. An inexperienced book-keeper prepared the following account which contains errors. Owen capital account $ $ balance c/d 135000 balance b/d 100000 loan made to partnership 30000 interest on capital 5000 135000 135000 What should appear as the closing balance on Owen's capital account?
A$75000
B$100000
C$105000
D$130000
✓ Correct Answer
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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