A-LevelAccountingPreparation of financial statements9706/12 · Oct/Nov 2018 · Q101 Mark
How are purchases calculated when proper accounting records have not been kept?
Asales × (1 – margin) – closing inventory + opening inventory
Bsales × (1 – margin) + closing inventory – opening inventory
Csales × (1 – mark-up) – closing inventory + opening inventory
Dsales × (1 – mark-up) + closing inventory – opening inventory
✓ Correct answer
B: sales × (1 – margin) + closing inventory – opening inventory
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