F3 Chapter 1

Which THREE of the following sets of items all appear on the same side of the trial balance?  

• Drawings, purchases and expenses

• Drawings, capital and expenses

• Purchases, trade payables and Cash

• Cash, capital and trade receivables

Alpha has the following transaction: A customer returned goods value $1,200

What are the double entry required to record the above transaction?

• Dr Trade receivables

  Cr Sales

• Dr Trade receivables

  Cr Sale returns

• Dr Sale returns

  Cr Trade receivables

• Dr Trade payables

  Cr Purchase returns

Which pair of the following items would appear on the same side of the trial balance?

• Carriage outwards and trade receivables

• Carriage outwards and trade payables

• Purchases and rental income

• Purchase returns and carriage inwards

Alpha has the following transaction: Owner withdraw $ 900 from the business’s bank account.

What are the double entry required to record the above transaction?

• Dr Drawings

  Cr Petty cash

• Dr Petty cash

  Cr Drawings

• Dr Drawings

  Cr Cash

• Dr Cash

  Dr Drawings

A trader's net profit for the year may be computed by using which of the following formula?  

• Closing net assets – opening net assets + Capital introduced + Drawings

• Closing net assets + opening net assets + Capital introduced + Drawings

• Closing net assets – opening net assets - Capital introduced + Drawings

• Closing net assets – opening net assets - Capital introduced - Drawings

In which book of prime entry will a business record credit notes received in respect of goods which the business has sent back to its suppliers?

• The sales returns day book

• The cash book

• The purchase returns day book

• The purchase day book

T Tallon had the following transaction:

               Return of goods from B Blendigg originally sold for $300 in cash to T Tallon. What are the correct ledger entries to record this transaction?

• Dr Cash $300

  Cr Purchase returns 4300

• Dr Cash $300

  Cr Sale returns $300

• Dr Sale returns $300

  Cr Cash $300

• Dr Purchase returns $300

  Cr Cash $300

Which of the following would be recorded in the sales day book?

• Cash received

• Sales invoices

• Credit notes received

• Trade discounts