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WorksheetsQUIZ 1 : TOPIC 11 [INCOMPLETE RECORDS AND SINGLE ENTRY]
Total questions: 15
Worksheet time: 14mins
Incomplete records is also known as ___________
a record that cannot be detected
a record that does not show net profit
a record that does not follows a double entry system
a record that does not have ending balance
In an incomplete record system, the statement of Profit or Loss cannot be prepared until the ________________________
the amount in the cash book has been balanced
the amount in the day book has been balanced
the ending amount of capital has been established
the amount of sales and purchases has been determined
Keeping records under the single entry system has the advantage of _______________________
simplicity in terms of operation
completeness in terms of records
accuracy in terms of transaction occurred
realistic in terms of recording transaction
One of the shortcomings of the single entry procedure is _________________
profits are overestimated
there is no prepared ledger record
income and expenditure cannot be traced accurately
there is a confusion between personal records and business records
Determine the current year purchases from the following information relating to a business.
Total accounts payable beginning balance RM28,500; Total cash payment to supplier RM46,800; Total accounts payable ending balance RM14,800.
RM3,500
RM18,300
RM33,100
RM60,500
Determine the current year sales from the following information relating to a business.
Total accounts receivables beginning balance RM43,200; Total cash received from debtor RM22,300; Cash sales RM43,000; Total accounts receivable ending balance RM36,800.
RM15,900
RM28,700
RM58,900
RM65,300
RM71,700
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 profit
RM30,500 net loss
RM40,500 net loss
The following are the assets and liabilities of BB Enterprise, a retailer on 31 April 2020 :
Vehicles RM20,000
Accounts Receivable RM8,000
Accounts Payable RM4,500
Inventories RM11,200
Rental payable RM560
Determine the amount of capital as at 30 April 2020.
RM28,260
RM32,140
RM34,140
RM35,260
Calculate the amount of sales discount in January 2020.
RM1,432
RM5,338
RM6,443
RM7,447
Calculate the amount of purchase returns in the month of January 2020.
RM2,250
RM4,470
RM5,530
RM7,800
Payment to suppliers during the year up to 31 March 2020 was RM66,700, taking advantage of the 5% cash discount offered. After considering the information in the table, identify the amount of purchases by the year ended 31 March 2020.
RM33,750
RM96,315
RM96,650
RM102,985
Calculate the total amount of drawings made by Empher Enterprise during the year 2020.
RM500
RM1,500
RM3,300
RM4,700
Additional information :
Mr Logan had made drawings of RM800 and brought a computer worth RM1,500 from home for business use.
Calculate the total capital as at 30 April 2020.
RM7,300
RM8,100
RM8,800
RM10,300
Additional information :
Mr Logan had made drawings of RM800 and brought a computer worth RM1,500 from home for business use.
Calculate the Net profit for the year ended 30 April 2020.
RM1,100
RM1,900
RM2,600
RM4,100
The following are equations in the statement of financial position used to determine the business income except
Assets = Liabilities + Owner's Equity
Ending capital = Beginning capital + Net Profit - Drawings
Equity = Current assets - current liabilities - Non current liabilities
Net profit = Ending capital - Drawings - Addition capital + Beginning capital
