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EnglandAccountingQuick questions

3.1 Financial accounting

Quick questions on Sole trader financial statements: income statement and balance sheet - AQA A-Level Accounting

2short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.

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Calculate cost of sales from opening inventory 8,0008{,}000, purchases 50,00050{,}000 and closing inventory 6,0006{,}000. [2 marks] 8,000+50,000−6,000=52,0008{,}000 + 50{,}000 - 6{,}000 = 52{,}000.
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State the formula for closing capital in a sole trader's accounts. [2 marks] Opening capital plus profit for the year minus drawings.

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