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Exam-style practice

Incomplete records answer explanations

Review worked answers and explanations for Incomplete records. Aligned to Cambridge IGCSE Accounting.

Answer explanations

Question 1 of 2

Review the answer support, then move sideways through the set.

Paper 2 structured question: Incomplete records

Paper 2Structured Written Paper2 marks

Description

Incomplete Records of a Sole Trader

The sole trader has provided the following information: Opening capital was $10,000, closing capital is $12,000, and drawings were $2,000. Calculate the profit or loss for the year.

  1. a

    Calculate the profit or loss for the year based on the changes in capital.

    [2]