Final Accounts Online Test

Plant and Machinery 30,000

Equipment 20,000

Depreciation for the year is 10%

What is the depreciation of Plant and Machinery for the year?


$

Gross Profit 45,000

EXPENSES

Electricity 7,000

Rent 20,000

Wages 3,000

Salaries 4,000

Repairs 300

Bad debts 50

Addtional Information:

1.Wages are accrued by $500

2.Salaries were prepaid $1,000

3.Rent of $5,000 was paid in advance

4.Electricity was owing of $300

Calculate the Netprofit?


Where is carriage inwards recorded?


Sales 200,000

Purchases 134,000

Returns Inwards 4,000

Returns outwards 2,453

Opening stock 34,395

Closing stock 15.286

Calculate the Cost of Sales?


True or False

Gross Profit + Income + Expenses = Net Profit/Loss


If an expence is accrued will the accrued amount be added or subtracted?


Motor vehicle 120,000

Prov. for depreciation of motor vehicle 30,000

Additional information:

1.Depreciation on motor vehicle is %25 in reducing balance method

Calculate the amount of motor vehicle in year 1 after depreciation?


Which of the following is NOT an asset


True or False

All additional informations have 2 effects

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EXAMPLE OF ADDITIONAL INFORMATION

1.Wages were accrued $200


What is the formula for finding working capital?




















































Description:

Based on the final accounts of a sole trader business this test will check your knowledge of final accounts in Depreciation, Prepaid and Accrued transactions. So make sure you have your calculator before attempting the. I am an a levels student and I have just given exams of Accounting, Economics and Business so I know one or two things about accounting which is why I have created this test to expand the knowledge I have to you..Good Luck

Discussion

Inu

Dear Salman, could you please insert also the explanations of the 10 answers of your test?It would be great for everyone, to know how you solve them.

2827 days 7 hours 17 minutes ago

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