Cambridge IGCSE · Accounting (0452)

Incomplete records: Practice Questions

3 multiple-choice questions marked as you go, and 3 written questions with worked solutions. All on Incomplete records.

6 questions14 marksFree, no account

Question 1

1 mark

A sole trader does not maintain a full set of double entry accounting records. Which document is prepared to estimate the value of the owner’s capital at a specific date?

Question 2

1 mark

How is the opening capital of a business calculated when using incomplete records?

Question 3

1 mark

Which of the following is a disadvantage of not maintaining a full set of double-entry accounting records?

Question 4

2 marks

State two disadvantages to a sole trader of not maintaining a full set of double-entry accounting records.

Write your answer out first, then check it against the worked solution.

Question 5

4 marks

Jane operates a small business and does not maintain a full set of accounting records. The following information is available:

Balances at 1 January 2023:

Non-current assets: $\$30,000$
Inventory: $\$8,500$
Trade receivables: $\$4,200$
Cash at bank: $\$1,800$
Trade payables: $\$2,500$
Loan from bank: $\$5,000$

Balances at 31 December 2023:

Non-current assets: $\$27,000$
Inventory: $\$9,100$
Trade receivables: $\$5,100$
Cash at bank: $\$2,300$
Trade payables: $\$3,100$
Loan from bank: $\$5,000$

During the year, Jane introduced additional capital of $\$2,000$ and took drawings of $\$4,500$.

You are required to calculate Jane's profit or loss for the year ended 31 December 2023.

Write your answer out first, then check it against the worked solution.

Question 6

5 marks

Sarah runs a trading business and maintains incomplete records. The following information has been extracted for the year ended 31 March 2024:

Balances:

Trade Receivables at 1 April 2023: $\$8,000$
Trade Receivables at 31 March 2024: $\$9,500$
Trade Payables at 1 April 2023: $\$6,000$
Trade Payables at 31 March 2024: $\$7,000$
Inventory at 1 April 2023: $\$10,000$
Inventory at 31 March 2024: $\$11,500$

Cash and Bank Summary for the year ended 31 March 2024:

Receipts from trade receivables: $\$60,000$
Payments to trade payables: $\$45,000$
Cash sales: $\$15,000$
Cash purchases: $\$8,000$

Additional information:

All sales are made at a gross profit margin of 25%.

You are required to calculate for the year ended 31 March 2024:

(a) The total credit sales.

(b) The total credit purchases.

(c) The total sales.

(d) The cost of sales.

(e) The gross profit.

Write your answer out first, then check it against the worked solution.

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