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Cambridge IGCSE Accounting practice

Paper 2 structured question: Sole traders

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Sole traders

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Paper 2Structured Written Paper1 marks

A sole trader operates a small retail shop.

Description

Financial Overview

The shop has total assets of $50,000, total liabilities of $20,000, and owner's equity of $30,000 as of December 31.

  1. a

    Calculate the owner's equity based on the provided financial overview.

    Aim for approximately 1 distinct marking point.

    [1]

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Paper 2 structured question: Sole traders

Paper 2Structured Written Paper3 marks

Data Table

Consulting Services Financial Data

DescriptionAmount
Total Revenue$100,000
Total Expenses$70,000
Net Income$30,000
  1. a

    Prepare an income statement for the consulting business based on the provided data.

    Aim for approximately 3 distinct marking points.

    [3]