Section B: Financial Accounting Practice
Question 8
In this question, candidates were required to prepare:
(a)opening balance sheet (statement of affairs);
(b) closing balance sheet;
(c) statement showing the profit or loss made by the business.
Observation
Few candidates attempted the question and the performance was poor. Some scored good marks in preparing the statement of affairs, however, they lose valuable marks due to wrong computations in preparing the closing balance sheet and omission of the statement to show the profit or loss made by the business.