Accounting 9706 · AS & A Level · Preparation of financial statements
Preparation of financial statements — practice question
R Limited runs a retail business. The draft statement of profit or loss below was drawn up for the year ended 31 December 2024. It has been found that mistakes were made while preparing this draft statement.
(a)[15]
On page 5, prepare a revised statement of profit or loss for the year ended 31 December 2024.
(b)[8]
Prepare the statement of changes in equity for the year ended 31 December 2024.
(c)[7]
Advise the directors on which option they ought to select. Support your advice by discussing both the financial and non-financial factors of each option.
Worked solution & mark scheme
This 30-mark question has a full step-by-step worked solution and mark scheme.