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Past Papers For Single Entry and Incomplete Records

This document contains three past exam questions involving single entry accounting. Question 1 requires calculating revenue and purchases for a trader, and preparing an income statement and statement of financial position for the year ended March 31, 2016. Question 2 involves calculating depreciation, and preparing statements of affairs for an individual as of May 1, 2005 and April 30, 2006. Question 3 requires calculating purchases and revenue for a café for the year ended September 30, 2014, and preparing an income statement and statement of financial position for the café as of that date.

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Mahreena Ilyas
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7K views2 pages

Past Papers For Single Entry and Incomplete Records

This document contains three past exam questions involving single entry accounting. Question 1 requires calculating revenue and purchases for a trader, and preparing an income statement and statement of financial position for the year ended March 31, 2016. Question 2 involves calculating depreciation, and preparing statements of affairs for an individual as of May 1, 2005 and April 30, 2006. Question 3 requires calculating purchases and revenue for a café for the year ended September 30, 2014, and preparing an income statement and statement of financial position for the café as of that date.

Uploaded by

Mahreena Ilyas
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Past papers for single entry and incomplete records

Question 1
Alif is a trader. He does not maintain a full set of accounting records but the following information is
available.
1. Summarised bank transactions for the year ended 31 March 2016
Receipts $ Payments $
Trade receivables 32000 Trade payables 29000
Cash sales banked 7400 Purchase of equipment 2500
Interest receivable 600 Rent 8000
Other operating expenses 6500
2. All cash sales were banked on the day of receipt with the exception of the following which were
paid out of cash receipts.
Wages $9000
Drawings $11,500
3. Balance at:
1 April 2015 31 March 2016
Equipment(net book value) 11,000 10,500
Inventory 12,000 11,500
Trade receivables 17,600 18,350
Trade payables 9,750 7,950
Wages owing 300 450
Rent prepaid 500 700
Bank 3950 Debit ?
Capital 35,000 ?
Required:
a. Calculate, for the year ended 31 March 2016, the value of the following:
i. Revenue: [4]
ii. Purchases [2]
b. Prepare the income statement for the year ended 31 March 2016 [8]
c. Prepare the statement of financial position at 31 March 2016 [6]

Question no 2

1
a. Calculate the depreciation on fixed assets for the year ended 30 April 2006 [2]
b. Draw up a Statement of Affairs for Johann Schmidt as at 1 May 2005 . [4]
c. Draw up a Statement of Affairs for Johann Schmidt as at 30 April 2006. [4]
d. Calculate Johann Schmidt’s net profit or loss for the year ended 30 April 2006. [4]

Question no 3
Basir is the owner of the Korner Café. He does not maintain full double entry books, but has provided
the following information for the year ended 30 September 2014.

Additional information
1. All takings were in cash and were banked on the same day with the exception of:
Staff wages $14 900
Drawings $8 000
Cash purchases $950
2. Balance at:
1 October 2013 30 September 2014
$ $
Trade payables 1150 1430
Inventory 350 720
Rent of café prepaid 500 -
Rent of café accrued - 1000
7% bank loan 5000 5000
Bank loan interest accrued - 100
Fixtures and fittings at valuation 2250 2200
Capital 950 ?
Required:
a. State two advantages of maintaining full double entry records. [2]
b. Calculate the total purchases for the year ended 30 September 2014 [5]
c. Calculate the revenue for the year ended 30 September 2014. [3]
d. Prepare the income statement for the year ended 30 September 2014 [10]
e. Prepare the statement of financial position as at 30 September 2014 [10]

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