O-LevelAccountingAccounting proceduresOct/Nov 2023Paper 1 Q171 Mark
On 1 January, Raheem purchased equipment costing $850. It was estimated to have a working life of 5 years and a scrap value of $50. The asset was depreciated using the straight-line method. At the end of 3 years, the machine was sold for $100. What was the profit or loss on disposal?
A$240 loss
B$270 loss
C$50 profit
D$220 profit
✓ 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...
📋 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...
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