Accounting 9706 · AS & A Level · Accounting for non-current assets

Accounting for non-current assets — practice question

Rakesh drew up his business’s year-end financial statements on 30 September 2021.
(a(i))[2]

Matching principle

(a(ii))[2]

Going concern assumption

(a(iii))[2]

Materiality concept

(b)[2]

Prepare the journal entry in Rakesh’s books of account for the write-off of the irrecoverable debt. No narration is needed.

(c)[4]

Prepare the rent receivable account for Rakesh’s books of account.

(d)[3]

Prepare the account for provision for depreciation of equipment for the year ended 30 September 2021.

Worked solution & mark scheme

This 15-mark question has a full step-by-step worked solution and mark scheme. One marking point: “Costs and revenues are recognised in the same accounting period, regardless of receipts or payments” …

  • Full mark scheme, point by point
  • Step-by-step worked solution
  • Write your answer & get it marked instantly by AI