A-LevelAccountingFinancial Statements of Sole TradersMay/June 2015Paper 1 Q91 Mark
A business has extracted the following information from its books of account at 31 December 2014, its first year of trading. $000 carriage inwards 12 carriage outwards 15 closing inventory 86 purchases 286 returns inwards 10 returns outwards 2 revenue 524 What is the gross profit for the year ended 31 December 2014?
A$301000
B$304000
C$320000
D$328.000
✓ Correct Answer
The correct answer is B. This question tests the candidate's understanding of financial statements 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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