O Level Accounting 7707 · Preparation of financial statements · 5.6

Incomplete records: past paper questions

5 real questionsasked in 2 of the last 10 exam series2020–2024usually: Complete, Calculate

Real questions on incomplete records

The newest 5 of 5 written questions. Open one to see it on the real paper.

7707/22 · October/November 2024 · Q5e(i)[2]
Prepare the journal entry that Azim would need to make to correct this error. A narrative is not required. Details Debit $ Credit $
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7707/22 · October/November 2024 · Q5e(ii)[2]
Complete the table below by placing a tick (✓) to indicate the effect of correcting this error on Azim’s gross profit and closing capital. increase decrease no effect gross profit closing capital
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7707/21 · May/June 2024 · Q1a[3]
Prepare the sales journal for April 2024. Total the sales journal and indicate the ledger account to which the total would be posted. Addo Sales journal Date Details $ $
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7707/21 · May/June 2024 · Q1c(i)[1]
the total amount of money which Addo received from trade receivables during April 2024.
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7707/21 · May/June 2020 · Q1a[4]
Calculate the shop sales for year ended 29 February 2020. All the shop sales and purchases are for cash. All the club’s receipts are paid into the bank and all payments are made by cheque. On 1 March 2019 the club’s bank balance was overdrawn by $845. In addition to the shop sales and purchases, the following receipts...
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In the syllabus

5.6 Incomplete records

explain the disadvantages of not maintaining a full set of accounting records
prepare opening and closing statements of affairs
calculate profit or loss for the year from changes in capital over time
calculate sales, purchases, gross profit, trade receivables and trade payables and other figures from
prepare income statements and statements of financial position from incomplete records
make adjustments to financial statements as detailed in 5.1 (sole traders)
apply the techniques of mark-up, margin and inventory turnover to arrive at missing figures.

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