Question 1

**Section A**

A sole trader suspects an employee has been stealing cash from the till. 
Opening cash balance: $500
Cash sales for the period: $15,000
Cash banked: $12,000
Cash paid for expenses: $1,800
Closing cash balance in the till: $400

How much cash is missing? (Enter numbers only)

Accepted Answer

Construct a cash account. Add opening balance and receipts. Subtract payments and closing balance. The difference is the missing cash.

Question 2

What mistakes do candidates make on this ACCA question?

Accepted Answer

Forgetting to include the opening or closing balance in the calculation.

Section A

A sole trader suspects an employee has been stealing cash from the till.
Opening cash balance: $500
Cash sales for the period: $15,000
Cash banked: $12,000
Cash paid for expenses: $1,800
Closing cash balance in the till: $400

How much cash is missing? (Enter numbers only)

How to approach this question

Full Answer

Common mistakes

Practice the full ACCA FA — Financial Accounting Practice Exam 1

More questions from this exam