Accounting 9706 · AS & A Level · Reconciliation and verification
Reconciliation and verification — practice question
Virat drew up the trial balance at 28 February 2025, which was the close of his financial year. Even so, the totals failed to balance. The business does not keep control accounts. An examination of the entries in the books of account uncovered the following errors.
(a)[8]
Prepare the journal entries needed to correct the errors. Narrations are not needed.
(b)[5]
Calculate a revised figure for profit for the year ended 28 February 2025.
(c)[2]
Explain why an error of principle would not affect whether the trial balance totals agree.
Worked solution & mark scheme
This 15-mark question has a full step-by-step worked solution and mark scheme.