Incomplete Records
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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? *
10 points
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? *
10 points
Q3. We borrowed €120,000 at 10% per annum on 1/6 to buy new machinery. The interest charge for this year will be... *
10 points
Q4. Stock of heating oil will appear... *
10 points
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? *
10 points
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? *
10 points
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? *
10 points
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? *
10 points
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? *
10 points
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'? *
10 points
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