A-LevelAccountingFinancial Statements of Sole TradersMay/June 2017Paper 1 Q71 Mark
The following information is extracted from the statement of financial position of a business at 31 December 2016. $ bank loan (repayable 2025) 16 200 other payables 1880 bank overdraft 11600 capital 20710 drawings 19 100 inventory 14610 other receivables 1420 trade payables 14 110 trade receivables 9050 What is the value of the net current liabilities?
A$1590
B$2510
C$18710
D$20 320
✓ 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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