When it comes to mastering 2021 Cambridge O/L Accounting Past Paper – Part 2, Sri Lankan students often find themselves facing a deeper challenge. Unlike the multiple-choice format of Part 1, Part 2 is a structured paper that demands in-depth knowledge, logical thinking, and clear working out of calculations and accounting entries. This section tests not only your memory but your ability to apply concepts to real-world financial scenarios.
At EDUS Wiki, our goal is to simplify this process by offering detailed, student-friendly analysis of past papers, including full answers with explanations tailored to the Cambridge syllabus. For the 2021 O/L Accounting Paper 2, we provide a breakdown of every major question — from trial balances to income statements, ledgers, control accounts, and more.
This article uses the main focus keyphrase, 2021 Cambridge O/L Accounting Past Paper Part 2, to guide students who are searching online for genuine exam prep help. Within the first few questions of this paper, students were expected to showcase their understanding of real-world accounting functions — and EDUS Wiki is here to guide you through the steps.
Whether you’re revising for an upcoming exam or reviewing your mistakes from the past, this article will serve as your comprehensive resource. We know that Sri Lankan students preparing for the Cambridge O/Ls need not just answers — but real explanations. EDUS Wiki offers that bridge between confusion and clarity.
Detailed Examination of Topic
Overview of 2021 Paper 2 Format
The 2021 Cambridge O/L Accounting Paper 2 was divided into two sections:
- Section A: Short structured questions
- Section B: Long questions requiring extended answers and detailed workings
Section A – Focused Accounting Scenarios
This part included 3–4 medium-length questions covering various topics such as:
- Bank Reconciliation
Students were asked to prepare a bank reconciliation statement with adjustments for unpresented cheques and bank errors. - Inventory Valuation
Questions tested FIFO/LIFO methods and closing stock values. - EDUS Tip: Always show full calculations to earn method marks.
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Section B – In-depth Financial Reporting
This section featured extended questions that covered:
- Preparation of Income Statement and Statement of Financial Position
- Ledger Accounts and Control Accounts
- Depreciation Calculations
- Capital and Drawings Adjustments
For example:
Question 5 required students to prepare an income statement with adjustments for prepaid rent and accrued salaries.
2021 Cambridge O/L Accounting Past Paper – Part 2
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Common Mistakes:
- Misplacement of accruals/prepayments
- Incorrect balancing of T-accounts
- Forgetting closing stock adjustments
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EDUS Wiki Value-Add for Students
- Step-by-step answer scripts with commentary
- Marks allocation explained for each part of the question
- Interactive revision PDFs for 2021 Paper 2
- Direct links to related content: [2021 Paper 1], [2020 Paper 2], [2022 Paper 2]
Conclusion
The 2021 Cambridge O/L Accounting Past Paper – Part 2 challenges students to apply textbook knowledge in practical formats. Whether it’s reconciling a bank statement, calculating depreciation, or preparing financial reports, success depends on practice, understanding, and exam strategy.
EDUS Wiki provides everything a Sri Lankan student needs to revise confidently — from worked solutions to bonus study tips. Revisit each section with clarity, avoid common pitfalls, and practice with past paper patterns that mirror actual exam formats.
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