A-LevelAccountingFinancial Statements of Sole TradersMay/June 2015Paper 1 Q111 Mark
How are closing inventory and loss for the year treated?
Adebit in statement of financial position debit in capital account
Bcredit in income statement debit in income statement
Cdebit in statement of financial position credit in capital account
Ddebit in income statement credit in capital account
✓ 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...
📋 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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