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A-LevelAccountingPreparation of financial statements9706/12 · Feb/Mar 2022 · Q111 Mark

A capital account for a sole trader contained three entries, in addition to the opening and closing balances. What did these entries represent?

Adebit side: capital introduced, credit side: drawings, loss for the year
Bdebit side: capital introduced, drawings, credit side: profit for the year
Cdebit side: drawings, loss for the year, credit side: capital introduced
Ddebit side: profit for the year, credit side: capital introduced, drawings

✓ Correct answer

C: debit side: drawings, loss for the year, credit side: capital introduced

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About this question

Topic
Preparation of financial statements, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source
A-Level Accounting, Feb/Mar 2022 Paper 1 Variant 2, question 11.

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