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.
$5,460
$4,900
$5,180
$5,000
Which of the following would not be classified as an asset?
Premises
Money owed by us to a supplier
Cash in hand
Money owed to us by a customer
The correct double entry to record the return of inventory by us to suppliers is:
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
Which of the following is not a liability?
Loan
Bank Overdraft
Trade Receivable
Mortgage
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:
Dr Capital Cr Typewriter
Dr Drawings Cr Typewriter
Dr Typewriter Cr Drawings
Dr Typewriter Cr Capital
Sale of inventory on credit to L Parker should be recorded as:
Dr Sales Cr L Parker
Dr Sales Cr Profit and Loss
Dr L Parker Cr Sales
Dr Inventory Cr Sales
What is the closing balance on the following account as at 31 March 201X?
$225 Debit
$225 Credit
$300 Credit
$300 Debit
A furniture retailer buys tables for cash for use in the head office. What entry would record this correctly in the accounts?
Dr Purchases Cr Cash
Dr Cash Cr Purchases
Dr Office Furniture Cr Cash
Dr Cash Cr Office Furniture
Which of the following is not correct?
Capital Assets Liabilities $2,194 $5,435 $3,241
Capital Assets Liabilities $6,316 $8,771 $2,455
Capital Assets Liabilities $6,413 $9,885 $3,472
Capital Assets Liabilities $6,754 $11,324 $4,560
Machinery bought on credit from Lander Ltd had to be retuned due to its unsuitability. The correct entry to record this in the accounts would be:
Dr Machinery Cr Lander Ltd
Dr Lander Ltd Cr Purchase returns
Dr Purchase Returns Cr Lander Ltd
Dr Lander Ltd Cr Machinery
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