Service Firms
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Q1. When calculating the Reserves on 1/1, 'Members Fees Paid in Advance' is... *
10 points
Q2. Furniture at cost on 1/1 is €26,000. But we are told that furniture has had three years of 4% accumulated depreciation by the 1/1. What is the value of the furniture? *
10 points
Q3. Our Receipts and Payments Account shows 'Interest on 4% Investments, €2,500'. The opening balances on 1.1 show €500 of interest due to us. What is the value of our investments? *
10 points
Q4. On 1/4 a bank loan plus 18 months interest at 8% per annum was repaid. The total repaid was €49,280. How much was the original loan? *
10 points
Q5. Contract Cleaning paid during the year was €3,600. This includes a payment of €400 for January of next year. What figure will we enter for Contract Cleaning in this years Profit & Loss Account? *
10 points
Q6. Members Fees received this year were €22,000. Members fees in arrears on 31/12 were €1,500. What figure will we enter for Members Fees in this years Profit & Loss Account? *
10 points
Q7. Equipment is to be depreciated by 4% from date of purchase. Equipment at cost on 1/1 was €16,000 and further equipment was purchased on 1/10 for €12,000. What will the depreciation figure be in the Profit & Loss Account? *
10 points
Q8. Creditors for Supplies on 1/1 were €250. Creditors for Supplies on 31/12 were €400. Payments for Supplies during the year were €14,000. What figure will appear for Purchase of Supplies in the Profit & Loss Account? *
10 points
Q9. The closing figure for Bank (in the Receipts and Payments Account) does not take into account a dishonoured check of €600 received from a Debtor. If the closing figure for bank was a €2,500 overdraft, what should we now change the closing figure to? *
10 points
Q10. Closing stock on 31/12 is €32,000. This includes Stock of Heating Oil €2,000. In the Current Assets on the Balance Sheet, we will include... *
10 points
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