These eight questions use original numbers and build from capital to a combined sales rebuild. Cover the answer, work on paper, then compare.
They cover the four lessons in incomplete records. Log your slips in the mistake log and paper-error review, or set a timer with the timed original practice session builder.
Questions 1 to 3: capital and profit
Question 1. On 1 January, a business had equipment RM9 000, inventory RM3 000, receivables RM1 500 and cash RM500. It owed payables of RM2 000. Find the opening capital.
Answer
Assets: 9 000 + 3 000 + 1 500 + 500 = RM14 000. Subtract liabilities of RM2 000.
Opening capital is RM12 000.
Question 2. Opening capital was RM12 000 and closing capital RM15 500. The owner withdrew RM4 000 and introduced no capital. Find the profit.
Answer
Change in capital: 15 500 − 12 000 = RM3 500. Add drawings: 3 500 + 4 000 = RM7 500.
Question 3. Opening capital was RM20 000 and closing capital RM26 000. Drawings were RM7 000 and the owner introduced RM2 500. Find the profit.
Answer
Change in capital: 26 000 − 20 000 = RM6 000. Add drawings: RM13 000. Deduct capital introduced: 13 000 − 2 500 = RM10 500.
Check: 20 000 + 10 500 + 2 500 − 7 000 = 26 000.
Questions 4 to 6: sales, purchases and cash
Question 4. Receivables were RM2 400 at the start and RM3 100 at the end. Customers paid RM25 000. Find credit sales.
Answer
In the receivables account, opening balance plus credit sales equals cash received plus closing balance. So the two sides total 25 000 + 3 100 = RM28 100. Subtract the opening 2 400 to get RM25 700.
Question 5. Payables were RM3 000 at the start and RM2 400 at the end. Payments to suppliers were RM18 000. Find credit purchases.
Answer
Debit side: 18 000 + 2 400 = 20 400. Subtract opening 3 000 from that: RM17 400.
Payables fell, so purchases were less than payments. The answer is below RM18 000, which fits.
Question 6. Opening cash was RM600 and cash sales RM7 500.
RM6 000 was banked and RM900 was spent on expenses. Closing cash was RM450. Find the cash drawings.
Answer
Receipts: 600 + 7 500 = RM8 100. Known payments: 6 000 + 900 + 450 = RM7 350.
The missing payment is 8 100 − 7 350 = RM750.
Questions 7 and 8: combined
Question 7. Opening capital was RM10 000 and closing capital RM13 000.
The owner withdrew RM5 000 in cash and took goods costing RM350 for own use. Nothing was introduced. Find the profit.
Answer
Total drawings: 5 000 + 350 = RM5 350. Change in capital: RM3 000.
Profit: 3 000 + 5 350 = RM8 350.
Question 8. Receivables were RM4 000 at the start and RM3 500 at the end.
Customers paid RM30 500. Cash sales were RM8 000. Find total sales.
Answer
Credit sales: 3 500 + 30 500 − 4 000 = RM30 000.
Total sales: 30 000 + 8 000 = RM38 000.
If you got these wrong
Wrong on questions 1 to 3 or 7: revisit using the statement of affairs method and calculating profit after capital adjustments.
Wrong on questions 4, 5 or 8: read reconstructing sales and purchases from control information. Wrong on question 6: read finding missing cash and bank figures.
For a teacher to go through your attempts, see online one-to-one Accounting tuition.