Subsection 5.6. Incomplete records for Accounting, O Level - revisedeck

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5.6. Incomplete records

A subsection of Accounting, 7707, through 5. Preparation of financial statements

Listing 10 of 60 questions

Chan provided the following information. 1 October 2021 $ 30 September 2022 $ non-current assets 10 000 12 000 inventory 2 500 2 000 trade receivables 1 500 1 300 bank overdraft trade payables 1 000 1 900 What was Chan’s profit or loss for the year?

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MCQ

2022

Paper 1, Variant 2

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Chan provided the following information. 1 October 2021 $ 30 September 2022 $ non-current assets 10 000 12 000 inventory 2 500 2 000 trade receivables 1 500 1 300 bank overdraft trade payables 1 000 1 900 What was Chan’s profit or loss for the year?

7707_w22_qp_13

MCQ

2022

Paper 1, Variant 3

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A trader supplied the following information at her year end. $ non-current assets inventory trade receivables cash at bank 650 debit trade payables What was the trader’s capital?

7707_w23_qp_12

MCQ

2023

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Ahmed provided the following information. $ trade receivables at 1 January 2022 15 000 for the year ended 31 December 2022: credit sales 85 000 cash sales 12 000 cheques received from trade receivables 65 000 irrecoverable debts 2 000 By how much had the trade receivables increased by the end of the financial year?

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MCQ

2023

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Lynne provided the following information about her trading business. $ for the year ended 31 August 2023 revenue: cash sales 250 000 credit sales 230 000 at 31 August 2023 trade receivables 19 530 other receivables 2 100 What was Lynne’s trade receivables turnover?

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MCQ

2023

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Emma provided the following information at the end of her financial year. $ fees receivable from clients 78 000 rent receivable 11 000 office expenses 20 000 motor expenses 9 000 drawings 2 000 What was her profit for the year?

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MCQ

2023

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A trader provided the following data. $ total purchases 25 301 purchase returns 1 945 carriage inwards goods taken for own use 1 425 What was the net figure for purchases in the income statement?

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MCQ

2023

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Pari and Ira are in a partnership, sharing profits and losses equally. Interest on the capital account balances is allowed at 6% per annum. Pari is entitled to a salary of $5000 per annum. The capital account balances at the start of the year were $60 000 for Pari and $40 000 for Ira. The profit for the year was $27 500. How much residual profit was credited to Pari’s current account at the end of the year?

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MCQ

2023

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Par Golf Club had a shop that sold golfing equipment to its members. The treasurer provided the following information for the shop for the year ended 31 December. $ sales of golfing equipment 5 300 opening inventory of golfing equipment closing inventory of golfing equipment purchases of golfing equipment 2 700 returns from customers carriage on purchases What was the shop’s gross profit for the year?

7707_w23_qp_13

MCQ

2023

Paper 1, Variant 3

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The capital of a business is higher at the end of year 2 than it was at the end of year 1. No additional capital has been introduced during year 2. What does this mean?

7707_w23_qp_13

MCQ

2023

Paper 1, Variant 3

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Questions Discovered

60