Cambridge & Pearson Edexcel Past Paper Questions
Browse 35,704 questions from Cambridge O-Level & A-Level and Pearson Edexcel IGCSE & IAL exams. Click any question to practice.
Motor vehicle repairs, $2000, were debited to the motor vehicles account. Motor vehicles are depreciated at 20% per annum on the balance on the acc...
Machinery is depreciated at 20% per annum using the diminishing (reducing) balance method. A machine, cost $20000, is sold after two years at book ...
Bola provided the following information about her delivery van. cost $12800 net book value at end of year 1 $8960 net book value at end of year 2 $...
Tahir is preparing his purchases ledger control account. From which book of prime (original) entry will he obtain information about contra entries?
What is prepared to show the trading results for a financial year?
At the year end a business wrote off a bad debt. What is the effect of this?
The owner of a business takes goods for his own use. How is this recorded?
X and Y are sole traders. They decide to form a partnership and agree to share profits and losses equally. Goodwill is valued as follows. X's busin...
The Allstars Sports Club was formed on 1 October 2012. Some members' subscriptions were still outstanding on 30 September 2013. Where would these o...
A trader provided the following information. 1 April 2013 capital $25000 31 March 2014 assets $75000 liabilities $36500 drawings during the year $7...
On 1 January NH Limited was formed with the issue of 200000 ordinary shares of $0.50 each. During the first year it made a profit of $21000. A divi...
In which section of a manufacturing account would a royalty payment appear?
Which items are statutory deductions from an employee's gross pay?
Martin's revenue for the year was $100000 and his expenses were $20000. His profit for the year was 10% of revenue. What was his gross profit?
What information is required to calculate the return on capital employed for a sole trader?
Jai intends to continue trading for many years. He provided the following information about his assets. cash at bank $1000 trade receivables $4000 ...
What is the meaning of the money measurement principle?
A trader divides his ledger into sales, purchases and general ledgers. Which statement is not correct?
On 1 April Jane sold goods on credit to Martha subject to a trade discount of 25%. Martha returned goods, list price $200, to Jane on 7 April. How ...
The cash book has a credit balance of $1500. There are unpresented cheques of $350 and uncredited deposits of $150. What is the balance on the bank...
The following account appeared in Sue's ledger. Tony account $ $ May 1 balance b/d 400 May 16 returns 21 12 sales 590 28 bank 284 discount 6 31 bal...
Which error would cause the trial balance totals to disagree?
Wilmer rents property to a tenant at a monthly rent of $300. On 1 April 2013 the tenant owed one month's rent. During the year ended 31 March 2014 ...
Amina is a wholesaler selling shoes to retailers. Which is a revenue receipt?
The following account appeared in a trader's ledger. Provision for depreciation of machinery account $ $ 31 Dec 2011 balance c/d 3000 31 Dec 2011 i...
A purchases ledger control account includes interest charged by a supplier on an overdue account and a contra entry to a sales ledger control accou...
Janet's debtor pays the amount owing in cash, after deducting 2% cash discount. How does this affect Janet's financial statements? income statement...
A trader maintains a provision for doubtful debts of 2½%. The provision on 1 January 2013 was $250. Trade receivables on 31 December 2013 were $280...
The owner of a business takes goods for his own use. How is this recorded? account to be debited account to be credited A drawings inventory B draw...
The members of a sports club pay an annual subscription of $60. At the beginning of the year subscriptions were accrued from 15 members. During the...
What is the formula for calculating mark-up?
Sara does not keep a full set of accounting records. Which information is needed to calculate her total net purchases?
RST Limited provided the following information. $ retained profits at 1 January 2013 200000 general reserve at 1 January 2013 48000 profit for the ...
The work in progress of ZT Manufacturers on 1 January was valued at $6200. At the end of the year it was valued at $5400. What was the effect on th...
Majid's payslip shows that the following deductions were taken from his gross pay. $ donation to a charity 5 income tax 25 contribution to company ...
LS Limited provided the following information. $ sales 470000 cost of sales 240 000 expenses 90 000 What was the profit for the year as a percentag...
What is the formula for calculating the quick ratio (acid test ratio)?
A trader writes off an amount owed by Mustafa by debiting the bad debts account and crediting Mustafa's account. Which accounting principle is the ...
Akma received the following bank statement on 30 April 2014: Date Details Debit Credit Balance ...
Ghani is preparing his financial statements. He provided the following information. 1 April 2013 Balances b/d Insurance $500 Dr ...
The Millennium Social Club provides a meeting place for members. The club also runs a café for the sale of refreshments. The treasurer of the Mille...
Demetris is a trader, buying and selling goods on credit. The following information was available on 31 March 2014. Revenue $300000 Inve...
Chan and Fong are in partnership sharing profits and losses in the ratio 2:1. Interest is allowed on capital at the rate of 5% per annum and is cha...
Fashran sells goods to Hajar. On 1 April Hajar owed Fashran $2100. The following transactions occurred in April 2014. 5 April Fashran sold goods on...
On 1 April 2014, Yee's sales ledger control account showed the following balances: $20450 debit and $600 credit. During April the following transac...
Cadmore Limited is a manufacturing business. The following information is available for the month of April 2014. $ Inventory at 1 April 2014: Raw m...
Najla provided the following information for the year ended 31 March 2014. $ Revenue 168000, Inventory 1 April 2013 20000, Inventory 31 March 2014 ...
Franco is in business as a sole trader. The following balances were extracted from his books on 31 January 2014. $ Land and buildings (cost) 150000...
How should the owner of a business use his financial statements?
A business had the following assets and liabilities. $ premises 15000 inventory 6000 trade receivables 3000 bank overdraft 1000 trade payables 40...