Cambridge & Pearson Edexcel Past Paper Questions

Tarrant produced a statement of affairs at 31 December 2009 and at 31 December 2010. During 2010 his long term loan increased by $3000 and his net ...

Joe's business had the following assets and liabilities on 31 March 2011: $ Non-current assets 120000 Liabilities due within one year 25 000 Curren...

Kya is a wholesaler. She prepares control accounts at the end of each month. The following information relates to the month ended 30 April 2011. S...

Choong and Tan are partners sharing profits and losses in the ratio 2:1. Interest is allowed on partners' capital at the rate of 5% per annum and T...

George is a trader who buys and sells goods on credit. He provided the following information: For the year ended 30 April Sales Gross profit Expen...

Yip Sin is a manufacturer. The following balances were extracted from the books on 30 April 2011. $ Inventory at 1 May 2010 Raw materials 20 900 W...

Mohan is a trader. On 24 April 2011 he had a bank overdraft of $150. The following transactions took place during the week ended 30 April 2011. A...

Amayi owns a manufacturing business. Her financial year ends on 30 April. She has the following depreciation policy: Machinery is depreciated at t...

Tanvir does not keep a full set of double entry accounts. The following information is available for the year ended 30 April 2011. Summarised Ban...

Mary is in business buying and selling goods on credit. The following information was available at 30 April 2011. Inventory 1 May 2010 $5 500 Inve...

Fu, Li and Yang are partners in a retail business. The partnership agreement states that they share profits and losses in the ratio 2:2:1. Interest...

Which statements about book-keeping and accounting are correct? 1 Accounting is performed periodically rather than daily. 2 Accounting relies on ha...

Padma started a business on 1 April 2011 with $30 000 of her own money. On 31 March 2012 her assets and liabilities were: $ machinery at net book v...

Chan returns goods to Yeung. How is this recorded in the books of Yeung?

Winston sold goods on credit to Leroy. Which entries should Winston make in his ledgers?

Which book of prime entry is written up from the copies of credit notes issued by a trader?

Dave supplies goods to Peter on credit. On 1 April, Peter owed Dave $440. Dave sent or received the following documents in April. $ April 7 Invoice...

Tahir purchases goods on credit from Yasmin. How will Yasmin record this?

A company began trading on 1 January 2012. During that month, the following transactions took place. received capital from shareholders, $10 000 re...

Which is true about a bank reconciliation statement?

Chang owed Tan $130 which he paid by cheque. Tan credited the bank account and debited Chang's account. Which journal entry will correct this error?

Sukesh's account in the books of Jack showed the following. Sukesh account date debit $ credit $ balance $ May 1 balance 450 dr 4 sales 200 650 dr ...

On 1 April the balance on the purchases account was $7200. During April the following transactions took place. cash purchases $1200 credit purchase...

At the start of the financial year insurance was prepaid and commission receivable was still outstanding. How would these balances appear in the le...

Gary's financial year ends on 31 March. On 1 April 2011 rent prepaid amounted to $3000. During the year ended 31 March 2012 a total of $7000 rent w...

Which entries are required to create a provision for doubtful debts?

Harry's income statement showed a loss for the year of $2040. It was later discovered that motor expenses, $480, had been included in non-current a...

A machine cost $30 000. It had an estimated life of six years. Using the reducing (diminishing) balance method of depreciation at 30% the first yea...

How is the loss on the sale of a non-current asset recorded?

An invoice for stationery, $100, was entered as a credit note. Which entries should be made to correct this error?

What does a debit balance on a sales ledger control account represent?

Which is an intangible asset?

Two traders are considering forming a partnership. Which statement is not correct?

Karim did not keep proper accounting records, but provided the following information. $ drawings 8 500 capital introduced in year 15 000 capital at...

What is a feature of preference shares?

Which group of items would appear in the capital and reserves section of a limited company balance sheet?

A manufacturer provided the following information. $ factory wages 11 000 carriage on raw material 2 700 machine repairs 3 420 supervisor's wages 6...

Esarba has a pension contribution and a trade union subscription deducted from her pay. Which type of deduction are they?

A business had the following assets and liabilities. $ inventory 11 000 trade receivables 39 000 bank overdraft 8 000 trade payables 12 000 long-te...

Sally applies the historical cost principle and records all her non-current assets at the actual cost. What is an advantage of applying this princi...

Which task would not be carried out by an accountant?

Jane made a payment to a supplier for goods bought on credit. Jane does not have a bank overdraft. What is the effect on the accounting equation?

Anna keeps a full set of accounting records. Goods purchased by Anna from Winston were returned before they were paid for. Where will Anna record t...

What is true about a statement of account issued by a business? 1 It is a source document for the purchases journal. 2 It is a source document for ...

Hasina buys radios from Nazneen at a list price of $10 each. Hasina bought 12 radios and was offered 20% trade discount and 4% cash discount. Two r...

A trader posts the total of her purchases returns journal to the ledger at the end of each month. On 30 April 2012 the purchases returns journal sh...

On 1 January Sudip borrowed $15 000 from the bank at an interest rate of 8% per annum. On 1 August the loan was increased to $24 000. How much inte...

On 31 March 2012, Ahmed's bank statement showed a credit balance of $2500. Ahmed found that a cheque issued for $90 and a deposit of $500 had not b...

Which item is recorded in the general journal before it is entered in the ledger?

Which account could have a credit balance?