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Cambridge IGCSE Accounting practice

Paper 2 structured question: Incomplete records

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Incomplete records

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Paper 2Structured Written Paper2 marks

A sole trader has incomplete records for the year.

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.

    Aim for approximately 2 distinct marking points.

    [2]

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Paper 2 structured question: Incomplete records

Paper 2Structured Written Paper2 marks

Data Table

Financial Data

The following data is available: Sales $50,000, Purchases $30,000, Closing Inventory $5,000. Prepare an income statement for the year.

DescriptionAmount
Sales$50,000
Purchases$30,000
Closing Inventory$5,000
  1. a

    Prepare an income statement for the year.

    Aim for approximately 2 distinct marking points.

    [2]