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.
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...
Sarah sells goods on credit to Zafar. How is this recorded in Sarah's ledgers? general ledger sales ledger A credit sales account debit Zafar acc...
Which statement about a debit note is correct?
At the end of April the discount column on the debit side of a three column cash book showed entries of $80 and $60. How is this recorded in the l...
On 1 May a trader's bank statement showed an overdraft of $80. The following were recorded in the cash book but did not appear on the bank stateme...
The following account appeared in the books of Abdul. Hanif account Debit $ Credit $ Balance $ 2015 March 1 Balance 400 400 Cr 4 Purchases 250 65...
On 1 January 2014 a trader owed one month's rent. During the year rent was paid by a cheque. On 31 December 2014 two month's rent was prepaid. How...
At the end of the financial year, Ryan had accrued motor expenses of $200. How will this appear in Ryan's ledger and statement of financial positi...
A business maintains a provision for doubtful debts of 2% of trade receivables. On 1 January 2014 the provision was $1000. On 31 December 2014 the...
Ezra received the following cheques. $210 from the sale of goods $1000 from the sale of old motor vehicle (at book value) $150 for rent of premise...
Repairs to a motor vehicle were debited in error to the motor vehicles account. How does this affect the profit for the year and the non-current a...
What is the formula for calculating the depreciation for the year using the revaluation method?
A vehicle purchased for $15000 was sold four years later for $2000. The balance on the provision for depreciation account was $12000 at the date of...
Carla is preparing her sales ledger control account. Where will she obtain information about contra entries?
On 1 January 2014 Kim's net assets totalled $70000. On 31 December 2014 they totalled $55000. During the year Kim withdrew $4000 for personal use. ...
How should inventory be valued?
Amelia is a photographer. She provided the following information. fees owing at the beginning of the year 2350 fees received during the year 53410...
In the accounts of a partnership, where would interest on drawings appear?
Clear is a sole trader making annual profits of $24000. He decides to admit Deep as a partner. They agree that Clear would receive salary, and prof...
At the end of the financial year, some members of Allsports Club had not paid their subscription. How will these unpaid subscriptions be recorded ...
What is similar to a statement of affairs?