Sarah started a new business on 1 January 2023.
She provided the following information for January 2023.
1. Paid $50 000 into the bank account as capital.
2. Paid rent of $1 000 by cheque.
3. Purchased goods on credit from P Ltd $8 000.
4. Sold goods on credit to K Khan $6 000.
5. Purchased equipment on credit from E Ltd $12 000.
6. Received payment from K Khan by cheque, less 5% cash discount.
7. Paid P Ltd by cheque, less 10% cash discount.
8. Paid wages $2 000 in cash.
9. Owner took cash $500 for personal use.

Q: What topic does this question test?

This question tests General Applications in Edexcel IGCSE Accounting. It is worth 28 marks.

Q: Which exam paper is this question from?

This question appeared in the Edexcel IGCSE Accounting examination, .

Question

Sarah started a new business on 1 January 2023.
She provided the following information for January 2023.
1. Paid $50 000 into the bank account as capital.
2. Paid rent of $1 000 by cheque.
3. Purchased goods on credit from P Ltd $8 000.
4. Sold goods on credit to K Khan $6 000.
5. Purchased equipment on credit from E Ltd $12 000.
6. Received payment from K Khan by cheque, less 5% cash discount.
7. Paid P Ltd by cheque, less 10% cash discount.
8. Paid wages $2 000 in cash.
9. Owner took cash $500 for personal use.

Oracle Prep · Accepted Answer

Sign up to Oracle Prep to view the full model answer with examiner insights.

📋 Examiner Report & Trap Analysis

🎯 Mark Scheme Breakdown

Unlock the Examiner's Analysis

About This Edexcel IGCSE Accounting Question

Topic

Source

Practice on Oracle Prep

Related Accounting Questions