30 questions in Final accounts at Form 3 · JCE
Most triedMost missedNewest- Answer the following.
- State the section under which trade payables are recorded in a Statement of Financial Position.
- What term is used by clubs and societies as an equivalent term for profit for the year in trading businesses?
- The following balances were extracted from the books of Pudi Investments: Inventory P6 200; Trade payables P2 300; Cash P750. Calculate the value of …
- State why in an income statement the closing inventory is deducted from the cost of goods available for sale.
- List any two examples of non-current assets.
- Amagoya (Pty) Ltd provided the following information: Gross loss P200; Purchases P700; Carriage inwards P400; Closing inventory P300. Calculate the v…
- State the two main sections of an income statement.
- Define the terms below.
- Below is a subscriptions account for GG Club. Calculate the amount of subscription to be transferred to the income statement. Show your working.
- Peter has the following balances in his business: Revenue P15 000; Bank P6 300; Accounts payables P7 100; Accounts receivables P5 400. Calculate tota…
- The information below was recorded in Jim Enterprise's books on 31 December 2022: Net assets P20 000; Opening equity 1 Jan 2022 P10 000; Drawings for…
- Answer the following about drawings.
- Answer the following about expenses.
- What are trade payables?
- Explain why a business should prepare an Income Statement.
- What name is given to an account used to record cash transactions in a non-profit making organisation?
- Sam obtained a mortgage of P200 000 from BDB bank. Which two sections in Sam's Statement of Financial Position will be affected?
- The balances shown below were extracted from the books of John: Cash P100; Accounts payable P500; Accounts receivable P700. Calculate John's capital.…
- Gross profit = …
- Cost of sales = …
- Sales P80 000, cost of sales P50 000, expenses P12 000. What is the net profit?
- Thapelo's Tuck Shop had these balances on 31 December: Sales P60 000; Purchases P35 000; Opening stock P5 000; Closing stock P8 000; Rent P6 000; Wag…
- Gross profit is calculated as …
- Opening inventory P800, purchases P5 000, closing inventory P1 300. What is the cost of sales?
- Carriage inwards is treated as …
- Which item belongs under non-current liabilities?
- Thato's business had revenue of P30 000, cost of sales of P18 000 and expenses of P7 500.
- A club's subscriptions are P50 a member per year. It has 60 members. At the year end, 5 members had not paid.
- Closing equity is P40 000, opening equity P30 000, drawings P6 000 and no new capital. What was the profit for the year?