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Q1. Payments to Creditors during the year were €25,000. Creditors on 1/1 were €8,000 and Creditors on 31/12 were €6,000. What is the figure for Credit Purchases this year?
Q2. Cash on 1/1 was €400. The total cash payments for the year were €12,000. Cash on 31/12 was €200. What will be the figure for Cash Sales for this year?
Q3. We borrowed €120,000 at 10% per annum on 1/6 to buy new machinery. The interest charge for this year will be...
Q4. Stock of heating oil will appear...
In the Trading Account but not in the Balance Sheet
In the Trading Account and in the Balance Sheet
In the Balance Sheet but not in the Trading Account
In neither the Trading Account nor the Balance Sheet
Q5. On 1/10, the business paid one year of rent (€8,000) for a building. 50% of the building is to be used by the family of the owner and not for business purposes. In the accounts, how much will be entered in the expenses for Rent?
Q6. What is the figure for Drawings if Rates Prepaid on 1/1 was €340, rates paid during the year were €860, and 25% of the rates payable are Drawings?
Q7. Interest received during the year was €1,200 and interest due to the business on 31/12 was €300. If the investments are 5% Investments, what figure will be entered in the Fixed Assets for Investments?
Q8. Buildings on 1/1 (at cost) were €42,000. On 1/8 a new building was purchased for €9,600. If Buildings Depreciation is 10% per annum (from date of purchase), what figure will be entered in the Expenses for Buildings Depreciation?
Q9. On 1/11 this year, we borrowed €240,000, which will be repaid in twenty equal half-yearly instalments. The first instalment is due on 1/2 next year. How much of the loan will be repaid next year?
Q10. Gross profit is 25% of Sales and we have been given the Gross profit figure of €45,000. What is the figure for 'Cost of sales'?
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