CAPE Accounting Unit 1 · 2015 · Paper 2 · Question 1(e)
Show the closing entries to record the loss and the drawings for the period.
The mark scheme is shown once you've answered.
Practise this questionOther parts of this question
- 1(a)(i)State the meaning of the historical cost concept.[2 marks]
- 1(a)(ii)State the meaning of the prudence concept.[2 marks]
- 1(b)What amount should B. Ross record for the motor car in the books of the business?[2 marks]
- 1(c)Identify and explain the concept which allows B. Ross to record the motor car invested in the business as a non-current asset.[4 marks]
- 1(d)Show the journal entries required to record the formation of B. Ross' business on 1 June 2014.[6 marks]
- 1(f)Outline THREE controls that the management can implement to ensure the integrity of its accounting records.[6 marks]
- 1(g)Using Table 1 provided as an insert, show the effect of EACH of the transactions (i) to (v) in the Cash Book and Statement of Comprehensive Income of BisNess…[10 marks]
More practice: the rest of this paper · more Recording Financial Information questions · all CAPE Accounting Unit 1 past papers