Homework answers / question archive / a) $67,000 by $75,000 ¢) $79,000 d) $87,000 6

a) $67,000 by $75,000 ¢) $79,000 d) $87,000 6

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a) $67,000
by $75,000
¢) $79,000
d) $87,000
6. The Galbowing information ix available aboul a businexs’s recent Financial year:
iataaaa
Al the year ead expenses were du but unpaid $5,110; cent received an advance wtalled
$3000.
‘Whas was the business's net profit?
a) $190,000
by $146,000
¢) $150,000
dy $156,000
6 marks
7. Complete the following table to axtist Heather Hall with adjustment to ber final accounts.
The Gest line bas heen completed for you.
Account, Pad far the year ‘Transfer to the Incoane
Statemem
[Salaries a
[Rent sso
[Etecericity | [ssoon TT
[so $300 song
insurance Pt $7000
4 marks
Karam owns a retail business. The business's fmancial year ends on 31 August. The falbowing
amounts were paid and received during the year ended 31 August 2018.
Expenses
ee
Insurance 4820 3/4 ee
ee
‘Wages of mssestants 36,880.
Income Reveomes
Loan interest received 14306
Rent Received 3250
Additional information as a 31 August MH:
@ frsurance $360 was prepaid
* Wages of assistans $1230 was due bun unpaid
+ Loan sntcrest $160 was outstanding.
* Rent received $890 had been received in advance.
$8. Prepare Jedger accounts t0 ceoard the details about each of the four items include the
amounts to transfer to the business's income statement for the yeas ended 31 August
28.
12 marks
Shelly is the owner of a business called Paradise Beachwear. On 3] March 2018 the fallowing
balances appeared in her business's books of account after the preparation af the trading account
“Accourw payable 33,000
Accoum receivable 29,000
Capital 308,000
Cash at bank 41,000
Drawings 41,000
‘Grows Profit 332,000
Insurance 17,000
Invermary al 3) March 2018 520
Non-Cument amets 430,000

‘Wages of assestants 36,880.
Income Reveomes
Loan interest received 14506
Rent Received 3750
Additional information as a 31 August ME:
« frsucance $360 was prepaid
* Wages of assistana $1230 was due but unpaid
+ Loan sntcrest $160 was outstanding.
* Rent received $290 had been received in advance.
$8. Prepare Jedger accounts to ecard the details about each of the four items include the
amounts to transfer to the business's income statement for the yeas ended 31 August
208.
12 marks.
Shelty is the comer of a business called Paradise Beachwenr. On 3] March 2018 the following
balances appeared in her business's books of account after the preparation af the trading account
Pos es
“Accoura payable 33,000
Accoun receivable 29,000
Capital 308,000
Cash at bank t1,0n0
Drawings 41,000
Grows Profit 232,000
Insurance 17,900
Invenaacy al 3) March 2018 52,00
Non-Current axrets 430,000
Office expenses 19,000
Rent received 24,000
Wages 148,000
Additional infocmatina at 31 Mach 2018:
+ Irsucance, $1000, prepaid
+ Rent received, $2000, due bul unpaid
* Wages, $9000, due but unpaid
9. Prepare the profia and Joss section of the income xtatement far the year ended 31 March
208. 16 masks)
10. Prepare a stalemend of financia) positian (balance sheet) as at 31 March 318. 410 masks)