Muse commences trading on 1 January 2015 and has zero inventories at that date. During 2015 it has purchases of USD455,000, incurs carriage inwards of USD24,000, and carriage outwards of USD29,000. Inventories at 31 December 2015 are valued at USD52,000.Which of the following is the cost of sales figure for the year ended 31 December 2015?
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1 .The following information is available for a sole trader who keeps no accounting records: USD Net business assets at 1 July 2015 186,000 Net business assets at 30 June 2016 274,000 During the year ended 30 June 2016: Cash drawings by proprietor 68,000 Additional capital introduced by proprietor 50,000 Business cash used to buy a car for the proprietor’s wife, who takes no part in the business 20,000 Using this information, what is the trader’s profit for the year ended 30 June 2016?
A USD50,000 B USD86,000 C USD90,000 D USD126,000
2 .Which of the following factors could cause a company’s gross profit percentage on sales to fall below the expected level?
A Overstatement of closing inventories B The incorrect inclusion in purchases of invoices relating to goods supplied in the following period C The inclusion in sales of the proceeds of sale of non-current assets D Reduction of overheads incurred in the production process
3 .The following information is available for Orset, a sole trader who does not keep full accounting records: USD Inventory 1 July 2015 138,600 30 June 2016 149,100 Sales for year ended 30 June 2016 1,008,000 Orset makes a standard gross profit margin of 30%.Based on these figures, what is Orset’s purchases figure for the year ended 30 June 2016?
A USD695,100 B USD705,600 C USD716,100 D USD785,885
4 .The following information is available about the transactions of Razil, a sole trader who does not keep proper accounting records: USD Opening inventory 77,000 Purchases 763,000 Sales 945,000 Mark up on cost 25% Based on this information, what should be the cost of Razil’s closing inventory?
A USD70,000 B USD84,000 C USD85,750 D USD131,250
5 .Plym is a retailer which is registered for sales tax which is at the rate of 20%. For the year to 30 June 2016 Plym paid USD69,600 to suppliers in respect of goods for resale and showed USD89,400 revenue in the statement of profit or loss. There was no change in the figures for inventory and trade payables in the statements of financial position as at 30 June 2015 and 2016.What was Plym’s gross profit for the year ended 30 June 2016?
A USD4,900 B USD16,500 C USD19,800 D USD31,400
7 .Sunil started business on 1 December 2014 with cash of USD5,000. He has not yet prepared a full set of financial statements. As at the end of his first year of trading he has cash at bank of USD1,726. He made sales of USD33,498 during the year and paid expenses in cash of USD19,385. He has no outstanding liabilities at the end of the period and has no non-current assets or inventory, but one customer owes him USD2,387.Sunil made no other capital contributions but withdraw cash amounting to USD15,000 in the period.What is Sunil’s profit for the year to 30 November 2015 and his net assets at the end of the period?
A Profit USD11,726; Net assets USD1,726 B Profit USD14,113; Net assets USD4,113 C Profit USD11,726; Net assets USD4,113 D Profit USD14,113; Net assets USD1,726
8 .Randolph started a trading business on 1 May 2015 with capital of USD40,000. In his first year of trading he made a profit of USD117,000, selling goods at a mark-up on cost of 60%. He injected additional capital of USD30,000 in the year and withdrew a monthly amount of USD3,200 for his living expenses. At the end of the year he withdrew all remaining goods inventory with a resale value of USD7,200 for his personal use.What were Randolph’s net assets at 30 April 2016?
A USD141,400 B USD144,100 C USD144,280 D USD179,300
9 .Which one of following formulae may be used to calculate the profit of a business?
A Opening capital – drawings + capital introduced – closing capital B Closing capital + drawings – capital introduced – opening capital C Opening capital + drawings – capital introduced – closing capital D Closing capital – drawings + capital introduced – opening capital
10 .Paul is a sole trader whose accounting records are incomplete. All the sales are cash sales and during the year USD50,000 was banked, including USD5,000 from the sale of a business car. He paid out USD12,000 wages in cash and withdrew USD2,000 per month for his living expenses. Cash in hand at the beginning and end of the year was USD300 and USD400 respectively.What were Paul’s sales for the year?
A USD80,900 B USD81,000 C USD81,100 D USD86,100
