A-LevelAccountingPreparation of financial statements9706/12 · Feb/Mar 2023 · Q161 Mark

John and Mary are in partnership. After the first year of operation, the current accounts of both partners had a debit balance. What might have caused the debit balances? 1 drawings 2 loss for the year 3 salaries they are entitled to

A1, 2 and 3

B1 and 2 only

C1 and 3 only

D2 and 3 only

✓ Correct answer

B: 1 and 2 only

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Topic: Preparation of financial statements, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, Feb/Mar 2023 Paper 1 Variant 2, question 16.

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