A-LevelAccountingSole TradersFeb/Mar 2024Paper 1 Q151 Mark
A sole trader began a business on 1 January with $50 000 capital. During the year she introduced to the business her own private vehicle which had cost $22 000 but which was valued at $16 000 when she added it to the business. Drawings for the year were $20 000. At the end of the financial year on 31 December the closing balance on the capital account was $105 000. What was the profit for the year?
A$39 000
B$53 000
C$59 000
D$75 000
✓ Correct Answer
The correct answer is C. This question tests the candidate's understanding of 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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