Paper 1 October/November 2007 Accounting (9706/01) A Level
The year end of a business is 31 December 2021.
On 5 January 2022, inventory was counted and valued at cost, $\$ 30000$.
The following was then discovered.
1 Goods purchased and received after the year end, costing $\$ 1500$, had been included in the valuation.
2 It included goods returned by a customer after the year end. They had a selling price of $\$ 900$ which included a mark-up of 25% during the year.
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