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Exam 19: Incomplete Records

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Question 1

Multiple Choice

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At the end of the year,Terraplane company has inventory in hand at a selling price of £20,600.What was the cost of inventory assuming inventory is sold at a margin of 60%?

A) £12,875
B) £8,000
C) £8,240
D) £12,360

E) A) and C)
F) B) and C)

Correct Answer

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C

Question 2

Multiple Choice

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At the end of the year,NewBiscuit company has inventory in hand at a selling price of £10,500.What was the cost of inventory assuming inventory is marked up at 50%?

A) £5,250
B) £8,000
C) £3,000
D) £7,000

E) A) and D)
F) A) and C)

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Question 3

Multiple Choice

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At the end of the year,NewBiscuit company has inventory in hand at a selling price of £10,500.What was the cost of inventory assuming inventory is sold at a margin of 50%?

The assets and liabilities of Angus & Co.at 31st Dec were as follows: $\begin{array} { l c } \text { Inventory } & 110,950 \\\text { Trade receivables } & 12,600 \\\text { Trade payables } & 18,000 \\\text { Accruals } & 750 \\\text { Prepayments } & 850 \\\text { Bank balance } & £ 8,000\end{array}$ What is the capital at 31st December

Debits are increases to assets and expenses

Debits are increases to liabilities and revenues

At the end of the year,Terraplane company has inventory in hand at a selling price of £20,600.What was the cost of inventory assuming inventory is marked up at 60%?

Assets = Liabilities - Capital

Bloom has sales of £12,000.The gross profit percentage is 25% of sales.If opening stock was £300 and closing stock £250,what were Bloom's purchases?

Not every debit has a credit

The opening capital of Overdrive Ltd at 1st January was £31,000.At 31st December the capital figure was £45,000.How much profit had been earned?

Incomplete records can,with some additional information,be converted into an income statement and statement of financial position

At the beginning of the financial year,trade receivables are £6,000 and trade payables are £4,000.Cash received from receivables in the year are £40,000 and cash paid to payables are £20,000.Closing receivables are £3,000 and closing payables are £5,000. What are the sales of the business in the year?

At the beginning of the financial year,trade receivables are £4,560 and trade payables are £3,780.Cash received from receivables in the year are £38,240 and cash paid to payables are £18,040.Closing receivables are £2,268 and closing payables are £4,040. What are the sales of the business in the year?

It is essential that every business keeps a complete record of ALL transactions

Robert's bank statements show he had an opening bank balance of £13,000 and a closing bank balance of £16,000.Robert knows he paid £12,000 to suppliers and that he took drawings of £3,000.Calculate what Robert received from debtors.

At the beginning of the financial year,trade receivables are £4,560 and trade payables are £3,780.Cash received from receivables in the year are £38,240 and cash paid to payables are £18,040.Closing receivables are £2,268 and closing payables are £4,040. What are the purchases of the business in the year?

Tom's bank statements show he had an opening bank balance of £3,000 and a closing bank balance of £7,000.Tom knows he paid £5,000 to suppliers and that he took drawings of £1,200.Calculate what Tom received from debtors.

The assets and liabilities of Bon & Co.at 31st Dec were as follows: $\begin{array} { l c } \text { Inventory } & 14,450 \\\text { Trade receivables } & 2,300 \\\text { Trade payables } & 3,000 \\\text { Accruals } & 200 \\\text { Prepayments } & 250 \\\text { Bank balance } & £ 1,250\end{array}$ What is the capital at 31st December?

At the beginning of the financial year,trade receivables are £6,000 and trade payables are £4,000.Cash received from receivables in the year are £40,000 and cash paid to payables are £20,000.Closing receivables are £3,000 and closing payables are £5,000. What are the purchases of the business in the year?