A-LevelAccountingAdjustments to Financial StatementsFeb/Mar 2023Paper 1 Q131 Mark
At the start of the year on 1 January, a business had an inventory of stationery which had cost $3740. On that date, $1200 was owed to suppliers for stationery. During the financial year ended 31 December, a total of $38800 was paid for stationery. Some old stationery was sold to staff for $240. At the end of the year on 31 December, the business had an inventory of stationery valued at cost, $4200. On that date, $1800 was owed to suppliers for stationery. Which figure should be included in the statement of profit or loss for the year ended 31 December for stationery?
A$34 960
B$36 160
C$38 700
D$38940
✓ Correct Answer
The correct answer is C. This question tests the candidate's understanding of adjustments to financial statements within the Accountingsyllabus. The examiner's mark scheme requires...
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