Incomplete Record

What is incomplete records ?

• Has a continuous record of transactions

• No proper records of transactions

• A proper records of transactions

• A complete records of transactions

What is the financial statement use for comparison method ?

• Statement of profit and loss

• Statement of affairs and statement profit and loss

• Statement of financial position

• Bank reconciliation statement

How to find net profit?

• Capital Ending - Capital Beginning + Drawing - Additional Capital

• Capital Ending + Capital Beginning + Drawing - Additional Capital

• Capital Ending - Capital Beginning + Drawing + Additional Capital

• Capital Ending + Capital Beginning - Drawing + Additional Capital

When to use comparison method?

• The information available contains on revenues and expenses

• The information available contains on assets and liabilities

• There is no information available

• The information available contains assets, liabilities, revenues and expenses

When to use analysis method?

• The information available contains revenues and expenses

• The information available contains assets, liabilities, revenues and expenses

• The information available contains assets and liabilities

• There is no information available

Find Beth's profit or loss?

• $1000 loss

• $7000 loss

• $1000 profit

• $7000 profit

Jamal did not maintain double entry records during his first year of trading.

Which item is not required in order to calculate his credit sales using a total account receivables account?

• bad debts

• allowance for doubtful debts

• discount allowed

• receipts from credit customers

Find Profit or Loss?

• $12000 loss

• $26000 loss

• $12000 profit

• $26000 profit

On 1 May 2018 Ben’s capital was $47600.

During the year ended 30 April 2019 he introduced his personal motor vehicle, $12500, into the business. His drawings during the year ended 30 April 2019 were $7500.

On 30 April 2019 Ben’s capital was $51250.

What was Ben’s profit or loss for the year?

• loss $1350

• profit $1350

• loss $8650

• profit $8650

The following information relates to ZZZ Business.

#Capital on 1 January 2019 is RM10,000

#Capital on 31 December 2019 is RM50,000

#Additional capital is RM10,000

#Drawings is RM500

Compute the net profit or loss for the year ended 31 December 2019.

• RM49,500 net profit

• RM30,500 net loss

• RM30,500 net profit

• RM40,500 net loss