Accounting 9706 · AS & A Level · Preparation of financial statements

Preparation of financial statements — practice question

Consult Source A3 in the insert.
(a(i))[5]

Prepare the following in Maria’s books of account: Consignment to Nakula account.

(a(ii))[4]

Prepare the following in Maria’s books of account: Consignment to Pedro account.

(b)[2]

Calculate the percentage rate of commission paid to Pedro.

(c(i))[4]

In Maria’s books of account, prepare the Nakula account.

(c(ii))[4]

In Maria’s books of account, prepare the Pedro account.

(d)[3]

Explain the valuation method used for unsold goods held by an agent.

(e)[3]

Calculate the number of units in inventory that Nakula held at 31 March 2020.

Worked solution & mark scheme

This 25-mark question has a full step-by-step worked solution and mark scheme.

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