Account Class Work

Determine the liabilities from the following; i stock of goods

ii furniture

iii creditors

iv cash at bank

v loan from the bank

• iii and iv

• ii and iii

• iv and v

• i and ii

Cost of available for sale was valued at #7,700, stock as at 1/1/1998 was #1,300. What is the value of purchases?

• #6,400

• #9,900

• #17,700

• #5,700

The item on the credit side of the trading account is ?

• Carriage inward

• Return outward

• Sales

• Purchases

Net sales is given as #370,000, cost of goods available for sales as #270,000, cost of goods sold as #230,000, rent expenses #35000. Calculate the gross profit?

• #370,000

• #230,000

• #150,000

• #140,000

Gross profit is given as #140,000, salaries #10,000, rent expenses #35000. Calculate the Net profit ?

• #140,000

• #185,000

• #25,000

• #95,000