Accounting 9706 · AS & A Level · The accounting system
The accounting system — practice question
Rahul runs a retail business and has not kept complete accounting records. He can provide the following details for the financial year finishing on 31 January 2024.
(a)[4]
Calculate the revenue for the year ending 31 January 2024.
(b)[5]
Calculate Rahul’s cash drawings for the year ending 31 January 2024.
(c)[2]
State two ways Rahul will benefit from the accountant’s suggestions.
(d)[4]
Explain two possible reasons why Rahul may choose not to accept the accountant’s suggestions.
Worked solution & mark scheme
This 15-mark question has a full step-by-step worked solution and mark scheme. One marking point: “Cost of sales is found from $9 \times$ average inventory $20 600 = $185 400” …