CAIE IGCSE ACCOUNTING

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At the end of the financial year, Gina had the following items of clothing in her inventory.

• 100 t-shirts: cost price per unit $15, selling price per unit $30
• 200 dresses: cost price per unit $40, selling price per unit $30

What was the value of Gina’s inventory?

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Which items are shown on a statement of account?

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A trader did not keep a complete set of accounts. He provided the following information for the year.

What were the purchases for the year?

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Naila provided the following information at 31 August.

What was the credit balance on the bank statement at 31 August?

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A trader credited the income statement and debited his capital account.
What does this double entry record?

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Which statement about depreciation is correct?

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Khalid made entries in a suspense account to correct two errors found in his ledger accounts.
Once the errors were corrected, the suspense account was closed.

• error 1 $700 sales had been omitted from the sales account.
• error 2 The purchases journal had been overcast by $550.

Which entry was made in the suspense account to balance the trial balance?

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A trader provided the following information.

How much is the net profit?

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Which items are included in an income and expenditure account prepared for a sports club?

1. cost of new furniture purchased during the year for the clubhouse
2. depreciation on furniture and sports equipment
3. rates for the clubhouse paid in advance for the next financial year
4. subscriptions that remain unpaid by club members at the end of the financial year

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What does the statement of financial position of a business show?

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The table shows the gross margin and profit margin for four businesses.
Which business controls its overheads most efficiently?

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Tahir prepared a trial balance. He entered both the balance on the discount allowed account, $900, and the bank overdraft, $750, in the wrong column.
Which total of the trial balance was higher and what was the amount of the difference between the debit total and the credit total?

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Which error causes the gross profit to be overstated?

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On 2 January, Razia wrote off $450 owed to her by Annette, a credit customer, as irrecoverable.
On 2 October, Annette paid $100 by cheque in part settlement of that debt.
Which entries would Razia make on 2 October?

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Ashwin started a business as a taxi driver on 1 January 2022. His taxi cost $5000 and he paid $100 into a business bank account.

He did not keep any accounting records. On 31 December 2022, he had $1750 in the business bank account, his taxi was valued at $4000 and he owed $50 to the garage for repairs. During the year, he took $1600 out of the business bank account as drawings.

What was the profit for the year?