Accounting 9706 · AS & A Level · The accounting system
The accounting system — practice question
Khaled began trading on 1 January 2021 with capital of $41000. He did not keep a complete set of accounting records. Khaled wants to determine his profit or loss for the year ended 31 December 2021.
(a)[7]
Calculate the profit or loss made by the business for the year ended 31 December 2021.
(b)[4]
Calculate the revenue for the year ended 31 December 2022.
(c)[2]
State two advantages for a business of keeping a full set of accounting records.
(d)[2]
State two disadvantages for a business of keeping a full set of accounting records.
Worked solution & mark scheme
This 15-mark question has a full step-by-step worked solution and mark scheme.