Sole traders: past paper questions
Real questions on sole traders
The newest 20 of 31 written questions. Open one to see it on the real paper.
- 7707/23 · October/November 2025 · Q2a[9]
Prepare Jenny’s sales ledger control account for the month ended 28 February 2025. Balance the account and bring down the balance at 1 March 2025. Jenny Sales ledger control account Date Details $ 2025 Date Details $ 2025
See it on the paper → - 7707/23 · October/November 2025 · Q4a[5]
Prepare Talula’s income statement for the year ended 30 September 2025. $ $ Talula Income Statement for the year ended 30 September 2025 Talula has been notified by her electricity supplier that costs of electricity will increase by 15% with effect from January 2026. REQUIRED
See it on the paper → - 7707/22 · May/June 2025 · Q3d[3]
Prepare the current assets section of Jasmine’s statement of financial position at 31 March 2025.
See it on the paper → - 7707/22 · May/June 2025 · Q5b[8]
Prepare Rexford’s income statement for the year ended 31 December 2024. Rexford Income Statement for the year ended 31 December 2024 $ $
See it on the paper → - 7707/22 · October/November 2024 · Q1d[1]
Name the section heading in Kalima’s statement of financial position where the balance on Elizah’s account would appear.
See it on the paper → - 7707/22 · October/November 2024 · Q2a[2]
Calculate Ben’s opening and closing capital. Workings Answer $ Capital at 31 March 2024 Capital at 1 April 2023 During the year ended 31 March 2024, Ben withdrew goods for his own use, $620. He also deposited an additional $10 000 cash into the business bank account from his personal funds. REQUIRED:
See it on the paper → - 7707/22 · October/November 2024 · Q2b[4]
Calculate the profit for the year using the table below. Include your opening and closing capitals from 2(a) and indicate whether the amounts of Ben’s transactions shown should be added or deducted from the opening capital. Added to opening capital $ Deducted from opening capital $ Total $ Capital at 1 April 2023 Capit...
See it on the paper → - 7707/22 · October/November 2024 · Q3a[5]
Prepare the café income statement for the year ended 31 December 2023. Sports T club Café Income Statement for the year ended 31 December 2023 $ $
See it on the paper → - 7707/22 · October/November 2024 · Q3b[5]
Prepare the subscriptions account in the books of Sports T club for the year ending 31 December 2023. Balance the account and bring down the balances on 1 January 2024. Date Details $ Date Details $ Sports T club Subscriptions account for the year ended 31 December 2023
See it on the paper → - 7707/21 · May/June 2024 · Q5b[8]
Prepare Stella’s income statement for the year ended 31 March 2024. Stella Income Statement for the year ended 31 March 2024 $ $ Stella’s sales revenue was the same each month for the year to 31 March 2024. She is now considering selling on credit terms as well as for cash. REQUIRED
See it on the paper → - 7707/22 · October/November 2023 · Q3a[9]
Prepare Lionel’s income statement for the year ended 30 June 2023. Lionel Income Statement for the year ended 30 June 2023 $ $
See it on the paper → - 7707/22 · October/November 2023 · Q3b[5]
Prepare Lionel’s capital account for the year ended 30 June 2023. Balance the account and bring down the balance at 1 July 2023. Lionel Capital account Date Details $ Date Details $
See it on the paper → - 7707/22 · October/November 2023 · Q4c[5]
Calculate Rachel’s profit for the year ended 30 September 2023 after the errors in the table have been corrected.
See it on the paper → - 7707/22 · May/June 2023 · Q3d(ii)[1]
accumulated fund
See it on the paper → - 7707/23 · October/November 2022 · Q5b[2]
Prepare an extract from the expenses section of NT’s income statement for the year ended 31 August 2021. NT Extract from income statement for the year ended 31 August 2021
See it on the paper → - 7707/23 · October/November 2022 · Q5c[2]
Prepare an extract from the assets section of NT’s statement of financial position at 31 August 2021. NT Extract from statement of financial position at 31 August 2021 During the financial year ended 31 August 2022, PB a trade receivable who owed $7000 had been declared bankrupt. On 17 July 2022, NT received payment of...
See it on the paper → - 7707/23 · October/November 2022 · Q5d[8]
Prepare the following ledger accounts for the year ended 31 August 2022. Bring down the balance on 1 September 2022, where appropriate. NT ledger accounts PB account Date Details $ Date Details $ Irrecoverable debts account Date Details $ Date Details $ Provision for doubtful debts account Date Details $ Date Details $...
See it on the paper → - 7707/21 · May/June 2022 · Q1d[2]
Complete the table by placing a tick (3) to show where each item is shown on the statement of financial position. Current liabilities Non-current liabilities Trade payables Bank overdraft Nakul has a bank overdraft and would like to reduce it. He is considering paying his suppliers later than he currently does in order...
See it on the paper → - 7707/21 · May/June 2022 · Q2a[11]
Prepare Fatima’s income statement for the year ended 31 March 2022. Fatima Income Statement for the year ended 31 March 2022 $ $
See it on the paper → - 7707/21 · May/June 2022 · Q2b[4]
Prepare Fatima’s capital account for the year ended 31 March 2022. Balance the account and bring down the balance on 1 April 2022. Fatima Capital account Date Details $ Date Details $ Fatima would like to expand the business. She thinks that additional finance of $20 000 would be required for the equipment which she wo...
See it on the paper →
What examiners said
This question required the application of an incomplete records approach through the use of a known mark-up ratio. This allowed the gross profit to be calculated and the trading account to be reconstructed. For many candidates this was unknown territory and often used either a cash payment figure to suppliers instead of purchases, or alternatively used $8000 for the purchase of a motor vehicle whi...
— Examiner report, October/November 2023, 7707/22 Q3(a) (Cambridge)
Part (b) was a capital account activity linked to the information provided in part (a). The capital account and its related ledger entries indicated few candidates were familiar with how capital is increased, such as by profits for the year and the reduction through the taking out of regular and additional cash drawings. The actual cash drawn from the bank of $14600 was also used incorrectly as a...
— Examiner report, October/November 2023, 7707/22 Q3(b) (Cambridge)
This was an opportunity to apply logic and understanding on how the errors would impact upon the draft profit. Most answers would gain two marks but often only one figure was included for returns instead of two, or the omission of motor expenses with an additional problem of the adjustments being added or subtracted when the opposite was required. This type of question needs more practice and answ...
— Examiner report, October/November 2023, 7707/22 Q4(c) (Cambridge)
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