O-LevelAccountingAccounting proceduresOct/Nov 2024Paper 1 Q301 Mark
Anya did not keep a full set of double entry records but provided the following information. At 1 February 2022 capital $10000 At 31 January 2023 bank overdraft $1500 equipment $20000 inventory $2000 trade receivables $15000 trade payables $10500 Anya's drawings during the year ended 31 January 2023 were $8500. What was her profit for the year ended 31 January 2023?
A$23500
B$25000
C$26500
D$29500
✓ Correct Answer
The correct answer is A. 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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