Incomplete records

Sumit does not keep a complete set of accounting records. What does Sumit not need in order to work out his credit sales?

Feb/March 2020

How is profit worked out from incomplete records?

Feb/March 2023

A trader does not keep a complete set of accounting records. He supplied the following information for the year ended 31 December. Over the year, he took drawings of $\$3500$. What was his profit for the year?

Feb/March 2024

Farred did not maintain a complete set of accounting records. He bought goods on credit, and every sale was for cash. Farred compared his assets and liabilities at the beginning and at the end of his financial year. He noted these changes at the end of the financial year: - non-current assets rose by $11\,000$ - inventory fell by $6100$ - trade payables increased by $3000$ The bank balance moved from a debit balance of $4200$ to an overdraft of $7100$. What was the change in Farred’s capital?

Feb/March 2025

A trader who did not keep complete accounting records was able to provide the information below. Trade receivables owed on $1$ April $2020$ were $\$3000$, cheques collected from trade receivables during the year were $\$28000$, cash discounts allowed to trade receivables were $\$1500$, and trade receivables owed on $31$ March $2021$ were $\$4200$. What were the credit sales for the year ended $31$ March $2021$?

May/June 2021

A trader does not maintain complete accounting records, but the following details were supplied. capital at 1 January 2021: $26\,000$ capital at 31 December 2021: $37\,000$ drawings made during year: $6500$ Over the year, $9500$ was taken from the owner’s personal bank account to buy a motor vehicle for use in the business. What was the profit for the year?

May/June 2022

Stalla began trading on 1 April 2021. Every receipt is paid into the bank and every payment is made from the bank. She has not kept a full set of accounts, but she has supplied the information below. Summary of receipts and payments for the year ended 31 March 2022 Receipts: Capital introduced $8000 Loan received (repayable 2027) $5000 Sales (all in cash) $36000 Payments: Trade payables $17850 Fixtures and fittings $12000 General expenses $1920 Rent and insurance $7100 Drawings ? Bank balance at 31 March 2022 $2330

May/June 2022

Stalla began trading on 1 April 2021. Every receipt is banked, and every payment is made through the bank. She has not kept a complete set of books, but she has supplied the information below. Summary of receipts and payments for the year ended 31 March 2022 Receipts: Capital introduced $8000; Loan received (repayable 2027) $5000; Sales (all cash) $36000 Payments: Trade payables $17850; Fixtures and fittings $12000; General expenses $1920; Rent and insurance $7100; Drawings $? Bank balance at 31 March 2022 $2330

May/June 2022

On 1 January 2022, Ashwin began operating a business as a taxi driver. The taxi was bought for $5000 and he deposited $100 into a business bank account. He kept no accounting records. By 31 December 2022, the business bank account contained $1750, the taxi had a value of $4000 and he still owed the garage $50 for repairs. Over the year, he withdrew $1600 from the business bank account as drawings. What was the profit for the year?

May/June 2023

The trader did not maintain a full set of accounts. The details for the year are given below. Opening trade payables: $5000 Closing trade payables: $9800 Payments to credit suppliers: $35000 Cash discounts received: $3000 Find the purchases for the year.

May/June 2023

Ashwin began a business as a taxi driver on 1 January 2022. His taxi cost $5000 and he paid $100 into a business bank account. No accounting records were kept. On 31 December 2022, the balance in the business bank account was $1750, the taxi had a value of $4000 and he owed $50 to the garage for repairs. Over the year, he withdrew $1600 from the business bank account as drawings. What was the profit for the year?

May/June 2023

A trader did not maintain a full set of accounts. He supplied the following information for the year. What were the purchases for the year?

May/June 2023

What is required to prepare a statement of affairs?

May/June 2024

Miriam does not keep a complete set of accounting records. The only figures known are the year’s purchases and the asset and liability values at the end of the year. Which financial statements can be prepared from this information?

May/June 2024

Miriam does not keep a complete set of accounting records. The only figures known are the year’s purchases and the asset and liability values at the year end. Which financial statements can be prepared from this information?

May/June 2024

Stella began trading as a retailer on 1 April 2023. She deals in only one kind of good. She has not maintained a complete set of accounting records, but she has supplied the information below. 1 Exactly half of Stella’s purchases were for cash and the other half were on credit. For the year ended 31 March 2024, Stella paid $34 250 to credit suppliers. On 31 March 2024, credit suppliers were still owed $2960. 2 In contrast to her rivals, Stella received cash for all of her sales. Stella’s mark-up was 32%. 3 The following sums were paid for expenses during the year to 31 March 2024: Rent and insurance $6750 Wages $8300 Other expenses $1815 4 At 31 March 2024, $300 was still owing for wages and $500 had been paid in advance for rent. 5 Insurance is $2400 per annum. On 1 April 2023, Stella paid $3000 for insurance covering the next 15 months. 6 Other expenses included $120 spent on vases and flowers. One third of these were for Stella’s own home. Stella regards business costs below $150 as revenue expenditure. 7 Inventory was valued at $6420 on 31 March 2024.

May/June 2024

A trader does not keep a complete set of accounting records. How might he work out the profit for the year?

May/June 2025

A trader does not keep a complete set of accounting records. How can he work out the profit for the year?

May/June 2025

Janice began trading on 1 January. Every sale she made was for cash. Over the year, Janice paid wages of $12\,100$ and withdrew drawings of $7\,800$ from the amount received from customers. She also banked $56\,000$ of these receipts. At the year end, she had $150$ of unbanked sales in cash. Which value for Janice’s sales was shown in the income statement?

May/June 2025

Rexford operates as a trader, and every sale and purchase is made on credit. He does not keep a complete set of accounting records, but he has supplied the following details. Assets and liabilities as at 1 January 2024: Fixtures and fittings (cost) $28 000 Accumulated depreciation on fixtures and fittings $22 400 Inventory $6000 Trade receivables $21 750 Insurance prepaid $300 Cash at bank $3425 Trade payables $5680 Bank payments made during the year to 31 December 2024: Trade payables (after deducting cash discount of $380) $68 100 Rent and insurance $10 120 General expenses $4730 Wages $6400 Drawings $12 200 Additional information: 1 The only money received during the year to 31 December 2024 was $103 200 from trade receivables. 2 Rexford applies a mark-up of 50%. 3 Depreciation is charged at 20% using the straight-line method. 4 Inventory at 31 December 2024 was valued at $400 more than inventory at 1 January 2024. 5 The amount owed to trade payables at 31 December 2024 was 25% more than the amount owed at 1 January 2024.

May/June 2025

Anthony does not maintain a full set of accounting records. He knows his opening and closing cash balances and wants to work out his cash sales. Which item does Anthony not require in order to work out his cash sales?

Oct/Nov 2020

A trader has not kept a complete set of accounting records. How can she work out the credit sales for the year?

Oct/Nov 2020

Haziq has not kept complete accounting records for his business. For the year ended 31 July 2020, Haziq supplied the information below. On 1 August 2019 / On 31 July 2020 Bank loan $6000 / $4500 Inventory $8400 / ? Non-current assets at net book value $35580 / $32450 Rent prepaid $240 / - Trade payables $6280 / $7460 Wages accrued - / $610 Bank account summary for the year ended 31 July 2020 Sales receipts $166000 Balance c/d $6600 Balance b/d $2150 Payments to credit suppliers $96220 Bank loan repayments $1500 Bank loan interest $300 Rent $2640 Wages $41400 General expenses $10890 Drawings $17500 Further information 1 Gross margin was 40%. 2 Every sale was for cash and every cash receipt was banked.

Oct/Nov 2020

Haziq has not kept complete accounting records for his business. Haziq supplied the information below for the year ended 31 July 2020. Balances on 1 August 2019 and 31 July 2020: Bank loan $6000 / $4500 Inventory $8400 / ? Non-current assets at net book value $35580 / $32450 Rent prepaid $240 / - Trade payables $6280 / $7460 Wages accrued - / $610 Bank account summary for the year ended 31 July 2020: Sales receipts $166000 Balance c/d $6600 Payments to credit suppliers $96220 Bank loan repayments $1500 Bank loan interest $300 Rent $2640 Wages $41400 General expenses $10890 Drawings $17500 Additional information: 1 The gross margin was 40%. 2 All sales were for cash and all cash received was banked.

Oct/Nov 2020

What are the advantages of maintaining a complete set of accounting records? 1 Financial statements will contain no errors. 2 Fraudulent entries cannot be made. 3 Decision-making can be better informed. 4 Profit can be calculated more accurately.

Oct/Nov 2021

What benefits come from maintaining a complete set of accounting records?

Oct/Nov 2021

Shiv trades in goods. His financial year finishes on 31 August. He does not keep a complete set of accounting records, but he was able to supply the following details for the year ended 31 August 2021. Total revenue $320 000 Mark-up rate 25% Bank account summary for the year ended 31 August 2021 Assets and liabilities details 1 September 2020 / 31 August 2021 Inventory at cost $23 500 / $ Trade receivables $22 000 / $25 900 Expenses owing $- / $400 Trade payables $32 600 / $29 600 Equipment at net book value $- / $12 800 Premises at cost $90 000 / $90 000 During the year, Shiv took $900 out for a family holiday. He had entered this in the expenses. On 31 August 2021 Shiv decided to create a provision for doubtful debts of 3% of trade receivables.

Oct/Nov 2021

Shiv trades as a trader. His financial year finishes on 31 August. He does not keep a complete set of accounting records, but he was able to supply the following details for the year ended 31 August 2021. Total revenue $320000 Mark-up 25% Summary of the bank account for the year ended 31 August 2021 Opening balance $49000 Cash sales $3700 Money received from trade receivables $312400 Expenses $34000 Drawings $4200 Payments to trade payables $257700 Equipment $16000 Closing balance $53200 Assets and liabilities at the start and end 1 September 2020 / 31 August 2021 Inventory at cost $23500 / ? Trade receivables $22000 / $25900 Expenses owing $- / $400 Trade payables $32600 / $29600 Equipment at net book value $- / $12800 Premises at cost $90000 / $90000 During the year Shiv took $900 out for a family holiday, but he had recorded this within expenses. On 31 August 2021 Shiv chose to set up a provision for doubtful debts of 3% of trade receivables.

Oct/Nov 2021

Chan supplied the information below. On 1 October 2021 and 30 September 2022, respectively: non-current assets: $10\,000$, $12\,000$ inventory: $2\,500$, $2\,000$ trade receivables: $1\,500$, $1\,300$ bank overdraft: $800$, $900$ trade payables: $1\,000$, $1\,900$ What was Chan’s profit or loss for the year?

Oct/Nov 2022

Chan gave the information below. 1 October 2021 / 30 September 2022 non-current assets: $10000 / $12000 inventory: $2500 / $2000 trade receivables: $1500 / $1300 bank overdraft: $800 / $900 trade payables: $1000 / $1900 What was Chan’s profit or loss for the year?

Oct/Nov 2022

Aruna does not keep a complete set of double entry records. She gave the following figures: trade payables at 1 August 2021: 23 450 trade payables at 31 July 2022: 27 290 cash purchases during the year: 16 000 payments to credit suppliers: 168 000 What was the cost of her purchases for the year ended 31 July 2022?

Oct/Nov 2022

Chan gave the information below for non-current assets, inventory, trade receivables, bank overdraft and trade payables at 1 October 2021 and 30 September 2022. What was Chan’s profit or loss for the year?

Oct/Nov 2022

Rahat has not kept a complete set of double entry records. She has the details of her assets and liabilities at the beginning and at the end of the year. Which further information does Rahat need so that she can prepare her income statement for the year?

Oct/Nov 2023

Rahat has not kept a complete set of double entry records. She knows the details of her assets and liabilities at the beginning and at the end of the year. Which extra information does Rahat need so that she can prepare her income statement for the year?

Oct/Nov 2023

Shakir started trading in the year ended 31 August 2023 but did not keep proper books of account. His assets and liabilities on 1 September 2023 were as follows. Motor vehicle $9500 Inventory $1240 Cash at bank $1682 Trade payables: Latif $200 Harrison $237

Oct/Nov 2023

Lionel began trading on 1 July 2022. He introduced $15000 of his own money into the business bank account. He did not maintain complete accounting records, but he has supplied the following details at 30 June 2023. 1. Cash sales totalled $90000 and were banked. Nothing else was received. Lionel adds 50% to the cost of his goods. 2. Payments from the bank: Purchase of motor vehicle (van) $8000; Payments to credit suppliers $55000; Wages $8060; General expenses $1140; Rent and insurance $5585; Motor expenses $4992; Cash drawn from bank $14600 3. Purchases returns were $3000. 4. Inventory at 30 June 2023 was $4175. 5. One third of the motor expenses paid related to Lionel’s private car. 6. A full year’s depreciation at 25% is to be charged on the van using the reducing balance method. 7. Lionel took $1000 each month from business cash for personal use. The rest of the cash drawn from the bank was used to pay wages.

Oct/Nov 2023

Shakir began trading in the year ended 31 August 2023, but proper books of account were not kept. On 1 September 2023, his assets and liabilities were: Motor vehicle $9500 Inventory $1240 Cash at bank $1682 Trade payables: Latif $200 Harrison $237

Oct/Nov 2023

Shelley does not keep a complete set of accounting records, but she was able to supply the information below. sales for the year ended 31 August 2023 (80% of which were on credit): $97\,500$ amounts received from trade receivables during the year ended 31 August 2023: $71\,500$ amount owing by trade receivables on 31 August 2023: $14\,000$ How much was owed by the trade receivables on 1 September 2022?

Oct/Nov 2024

Anya had not maintained a complete set of double entry records, but the information below was given. On $1$ February $2022$: capital $10\,000$. On $31$ January $2023$: bank overdraft $1500$, equipment $20\,000$, inventory $2000$, trade receivables $15\,000$, trade payables $10\,500$. Anya’s drawings for the year ended $31$ January $2023$ amounted to $8500$. What profit did she make for the year ended $31$ January $2023$?

Oct/Nov 2024

Shelley does not keep a complete set of accounting records, but she was able to give the information below. Sales for the year ended $31$ August $2023$ (80% of which were made on credit): $97\,500$ Amounts received from trade receivables during the year ended $31$ August $2023$: $71\,500$ Amount owing by trade receivables on $31$ August $2023$: $14\,000$ What amount was due from the trade receivables on $1$ September $2022$?

Oct/Nov 2024

Ben runs a small business, but he does not keep a complete set of accounting records. He has supplied the details below: 31 March 2024 / 1 April 2023 Premises at cost $140000 / $140000 Machinery at cost $106000 / $92000 Accumulated depreciation on machinery $36000 / $10000 Inventory $42000 / $24600 Trade receivables $43400 / $39600 Trade payables $19700 / $24750 Bank $13000 debit / $3200 credit Other receivables $1200 / $1650

Oct/Nov 2024

Munira has not kept a complete set of accounting records. How could she work out her credit purchases figure for one month?

Oct/Nov 2025

A business keeping incomplete records supplied figures from its statement of affairs. Over the year, the owner added $6000 from his personal funds and took $3250 of the year’s profit for private use. [Table shown: opening statement of affairs - assets $40000, liabilities $15000; closing statement of affairs - assets $52000, liabilities $8000.] What was the profit for the year?

Oct/Nov 2025

Joseph does not keep a complete set of accounting records. He can provide the amount owed by his trade receivables at the beginning of the accounting year. What other figure is needed to work out Joseph’s credit sales for the year?

Oct/Nov 2025