A-LevelAccountingPreparation of Financial Statements (Sole Traders)Feb/Mar 2022Paper 1 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
The correct answer is C. This question tests the candidate's understanding of preparation of financial statements (sole traders) 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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