The Crystal Glass is a trader in chinaware décor . The following information is available at the end of 2010: Opening Inventory $31,400 Closing Inventory $20,400 Sales for December 2010 $90,000 Standard margin is 33 1/3 %
- The Crystal Glass is a trader in chinaware décor . The following information is available at the
end of 2010:
- Opening Inventory $31,400
- Closing Inventory $20,400
- Sales for December 2010 $90,000
- Standard margin is 33 1/3 %
Based on this information, what was the amount for the purchases?
- $22,500
- $30,000
- $49,000
- $56,500
USE THE FOLLOWING DATA FOR QUESTIONS 4 & 5
Chris Ronaldo operates a business operator in Porto Listo. The following data was
obtained for the year 2013
Non-current Assets January December
Equipment at book value 640,000 840,000
Motor Vehicle at book value 750,000 940,000
Transactions during the year
- Equipment with book value of 35 000 was sold at a profit of 12,000
Depreciation charges for equipment was 25,000
- Motor vehicle with book value of 40,000 was sold for a loss of 10,000
- Depreciation charges for motor vehicle was 30,000
- How much was paid for new equipment purchased during the year?
$260,000
$285,000
$295,000
$320,000
- What was the selling price for the motor vehicle that was sold?
- $15,000
- $25,000
- $30,000
- $85,000
- Given that the mark up is 3 / 8, what would be the margin?
- 1 / 5
- 1 / 11
- 3 / 5
- 3 / 11
- The Bald Pate reported a profit of $18,800 for the year 2016. The equity in January
was $378,800 and at the end of December it was $330,000. During the year the
proprietor took inventory costing $10,000 for personal use. He also withdrew a regular
amount of cash to cover his living expenses.
How much was the amount for the cash drawings.
- $10,000
- $20,000
- $38,800
- $57600
8 Kong operate a distribution firm with a margin of 1 / 3. At the end of May he
had sales of $900,000 and purchases of $550,000. His stock at start of the year was
$260,000. At the end of May a firm at the firm destroyed most of his stock. On hand
was a salvaged amount of $84,000
What was the value of the stock that was destroyed
- $29,667
- $126,000
- $210,000
- $294,000
- A firm reports sales of 260,000. It had opening stock of 60,000 and purchases of 150,000.
Given that the firm has a margin of 3 / 10. What was the value of the closing stock?
- 10,000
- 28,000
- 78,000
- 200,000
- The following Purchases Ledger Control Account PLCA was prepared for the year:
|
Bal b/d |
45,000 |
|
Bank |
285,000 |
|
Credit Purchases * ? |
145,000 |
|
Return outwards |
12,500 |
|
Discount received |
24,000 |
|
|
|
|
Bal c/d |
78,500 |
|
|
|
|
|
297,500 |
|
|
297,500 |
|
|
|
|
|
It was suspected that there are some errors in the preparation of the PLCA, although the numerical values are correct except for the credit purchases.
What would be the amount for credit purchases if the PLCA was to be written up correctly?
- 355,000
- 360,000
- 450,000
- 517,000
USE THE FOLLOWING DATA FOR QUESTIONS 11 – 15
The Raving Storm is a trader in hurricane shutter systems. The firm has provided the following details for the year 2017 :
|
Receipt from debtors |
80,000 |
|
Bal b/d |
60,000 |
|
Cash Sales |
110,000 |
|
Office expense |
30,000 |
|
Investment income |
35,000 |
|
Wages |
50,000 |
|
Disposal of equipment |
48,000 |
|
Rent |
42,000 |
|
Bal c/d |
256,000 |
|
Loan repayment |
40,000 |
|
|
|
|
Payment to creditors |
35,000 |
|
|
|
|
Rates |
15,000 |
|
|
|
|
Loan interest |
9,000 |
|
|
|
|
Cash Purchases |
48,000 |
|
|
|
|
Equipment |
200,000 |
|
|
529,000 |
|
|
529,000 |
Additional details available included the following
|
DETAILS |
Jan. 01 |
Dec. 31 |
|
Wages prepaid |
8,000 |
12,000 |
|
Investment income prepaid |
8,500 |
11,000 |
|
Stock |
25,000 |
34,200 |
|
Creditors |
14,000 |
18,000 |
|
Equipment ( Book value ) |
240,000 |
400,000 |
|
Machinery ( Book value ) |
150,000 |
145,000 |
|
Motor vehicle ( Book value ) |
85,000 |
78,000 |
|
Debtors |
25,000 |
32,000 |
|
Office expenses owing |
5,000 |
8,000 |
|
Rates owing |
3,000 |
4,000 |
|
10% Loan |
150,000 |
110,000 |
Notes : i ] The equipment that was sold had a book value of $30,000
ii ] Discount received from supplier amount to $6,000
- How much is to be shown as capital at the start of the year ?
- $292,500
- $309,500
- $352,500
- $412,500
- How much is the total sales for the year
- $87,000
- $110,000
- $190,000
- $197.000
- How much was earned as investment income for the year?
- $32,500
- $35,000
- $37,500
- $54,500
- How much must be shown as depreciation charges for equipment for the year?
- $10,000
- $38,000
- $40,000
- $58,000
- How much is to be shown as wages expense for the year?
- $30,000
- $46,000
- $54,000
- $70,000
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