A-LevelAccountingFinancial Statements of Sole TradersMay/June 2012Paper 1 Q51 Mark
A sole trader owns a vehicle valued at $4000 for his own use and a vehicle valued at $2500 for business use. On 1 April 2012 he sold the business vehicle. On the same date he bought a new vehicle for $8000 for his own use and transferred his old vehicle to the business. What is the change in the value of vehicles in the business accounts?
A$1500
B$4000
C$5500
D$6500
✓ Correct Answer
The correct answer is A. This question tests the candidate's understanding of financial statements of sole traders 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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