A-LevelAccountingIncomplete RecordsOct/Nov 2010Paper 1 Q161 Mark
X started a business 3 years ago and now has a capital of $175 000. Over that period his profits have been $73 000 and his drawings $52 000. In year 2 he introduced cash of $35 000 and in year 3 he took out of the business, for his own use, a non current (fixed) asset with a net book value of $4000. How much capital did he start the business with?
A$67 000
B$115 000
C$123 000
D$158 000
✓ Correct Answer
The correct answer is C. This question tests the candidate's understanding of incomplete records 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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