Accounting 9706 · AS & A Level · Reconciliation and verification

Reconciliation and verification — practice question

X supplied goods to Y on a sale or return basis, yet recorded them as a sale of $\$1200$. The goods were costed at $\$750$. After a trial balance had been taken from the ledger, the following balances were shown: revenue $\$31250$; trade receivables $\$14100$. Inventory was valued at $\$2300$. What ought the correct values to be?

  • Arevenue $\$30050$; trade receivables $\$12900$; inventory $\$3050$
  • Brevenue $\$30050$; trade receivables $\$13650$; inventory $\$3050$
  • Crevenue $\$30800$; trade receivables $\$13650$; inventory $\$3500$
  • Drevenue $\$30800$; trade receivables $\$14850$; inventory $\$3500$

Worked solution & mark scheme

This 1-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