A-LevelAccountingPreparation of financial statements9706/12 · May/June 2015 · 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
A: debit in statement of financial position debit in capital account
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