O-LevelAccountingAccounting proceduresOct/Nov 2021Paper 1 Q201 Mark
Kasi and Ravi are in partnership. The financial statements for the year ended 31 August 2021 showed that Ravi was entitled to interest on capital and interest on loan and was charged interest on drawings. Which entries would be made in Ravi's current account?
Ainterest on capital: credit, interest on loan: credit, interest on drawings: debit
Binterest on capital: credit, interest on loan: debit, interest on drawings: credit
Cinterest on capital: debit, interest on loan: credit, interest on drawings: debit
Dinterest on capital: debit, interest on loan: debit, interest on drawings: credit
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The correct answer is C. 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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