Given the following data, calculate the value of the firm’s capital: Non-current assets $4,000; Inventory $350; Trade Receivables $180; cash at bank $650 and Trade Payables $280.
Respuesta
$5,460
$4,900
$5,180
$5,000
Pregunta 2
Pregunta
Which of the following would not be classified as an asset?
Respuesta
Premises
Money owed by us to a supplier
Cash in hand
Money owed to us by a customer
Pregunta 3
Pregunta
The correct double entry to record the return of inventory by us to suppliers is:
Respuesta
Dr Trade Payable Account
Cr Purchases Account
Dr Trade Payable Account
Cr Sales Returns Account
Dr Bank
Cr Purchases Returns Account
Dr Trade Payable Account
Cr Purchases Returns Account
Pregunta 4
Pregunta
Which of the following is not a liability?
Respuesta
Loan
Bank Overdraft
Trade Receivable
Mortgage
Pregunta 5
Pregunta
A sole trader introduces a typewriter that is her own into the business for business use. The double-entry transaction needed to record this would be:
Respuesta
Dr Capital
Cr Typewriter
Dr Drawings
Cr Typewriter
Dr Typewriter
Cr Drawings
Dr Typewriter
Cr Capital
Pregunta 6
Pregunta
Sale of inventory on credit to L Parker should be recorded as:
Respuesta
Dr Sales
Cr L Parker
Dr Sales
Cr Profit and Loss
Dr L Parker
Cr Sales
Dr Inventory
Cr Sales
Pregunta 7
Pregunta
What is the closing balance on the following account as at 31 March 201X?