WorksheetsFA - Incomplete Records
Total questions: 16
Worksheet time: 1hrs 11mins
A business has compiled the following information for the year ended 31 October 20X2:
$
Opening inventory - 386,200
Purchases - 989,000
Closing inventory - 422,700
The gross profit as a percentage of sales is always 40%
Based on these figures, what is the sales revenue for the year?
$1,333,500
$1,587,500
$2,381,250
The sales revenue figure cannot be calculated from this information
Which of the following calculations could produce an acceptable figure for a trader’s net profit for a period if no accounting records had been kept?
Closing net assets plus drawings minus capital introduced minus opening net assets
Closing net assets minus drawings plus capital introduced minus opening net assets
Closing net assets minus drawings minus capital introduced minus opening net assets
Closing net assets plus drawings plus capital introduced minus opening net assets
A sole trader fixes his prices to achieve a gross profit percentage on sales revenue of 40%. All his sales are for cash. He suspects that one of his sales assistants is stealing cash from sales revenue.
His trading account for the month of June 20X3 is as follows:
$
Recorded sales revenue 181,600
Cost of sales 114,000
Gross profit 67,600
Assuming that the cost of sales figure is correct, how much cash could the sales assistant have taken?
$5,040
$8,400
$22,000
It is not possible to calculate a figure from this information
A is a sole trader who does not keep full accounting records. The following details relate to her transactions with credit customers and suppliers for the year ended 30 November 20X3.
$
Trade receivables, 1 December 20X2 - 130,000
Trade payables, 1 December 20X2 - 60,000
Cash received from customers - 686,400
Cash paid to suppliers - 302,800
Discounts allowed - 1,400
Discounts received - 2,960
Irrecoverable debts - 4,160
Amount due from a customer who is also a supplier offset against an amount due
for goods supplied by him - 2,000
Trade receivables, 30 November 20X3 - 181,000
Trade payables, 30 November 20X3 - 84,000
Based on the above information, what figure should appear in A’s statement of profit or loss for the year ended 30 November 20X3 for sales revenue?
$748,960
$748,800
$744,960
$743,560
A is a sole trader who does not keep full accounting records. The following details relate to her transactions with credit customers and suppliers for the year ended 30 November 20X3.
$
Trade receivables, 1 December 20X2 - 130,000
Trade payables, 1 December 20X2 - 60,000
Cash received from customers - 686,400
Cash paid to suppliers - 302,800
Discounts allowed - 1,400
Discounts received - 2,960
Irrecoverable debts - 4,160
Amount due from a customer who is also a supplier offset against an amount due
for goods supplied by him - 2,000
Trade receivables, 30 November 20X3 - 181,000
Trade payables, 30 November 20X3 - 84,000
What figure should appear in A’s statement of profit or loss for the year ended 30 November 20X3 for purchases?
$283,760
$325,840
$329,760
$331,760
A sole trader fixes her prices by adding 50 per cent to the cost of all goods purchased. On 31 October 20X3 a fire destroyed a considerable part of the inventory and all inventory records.
Her trading account for the year ended 31 October 20X3 included the following figures:
Using this information, what inventory loss has occurred?
$61,050
$87,575
$40,700
$110,850
A fire on 30 September 20X2 destroyed some of a company’s inventory and its inventory records.
The following information is available:
$
Inventory 1 September 20X2 318,000
Sales for September 20X2 612,000
Purchases for September 20X2 412,000
Inventory in good condition at 30 September 20X2 214,000
Standard gross profit percentage on sales is 25%
Based on this information, what is the value of the inventory lost?
$96,000
$271,000
$26,400
$57,000
A business’s bank balance increased by $750,000 during its last financial year. During the same period it issued shares of $1 million and repaid a loan note of $750,000. It purchased non-current assets for $200,000 and charged depreciation of $100,000. Working capital (other than the bank balance) increased by $575,000.
What was its profit for the year?
$1,175,000
$1,275,000
$1,325,000
$1,375,000
A sole trader’s business made a profit of $32,500 during the year ended 31 March 20X8. This figure was after deducting $100 per week wages for himself. In addition, he put his home telephone bill through the business books, amounting to $400 plus sales tax at 17.5%. He is registered for sales tax and therefore has charged only the net amount to his statement of profit or loss and other comprehensive income.
His capital at 1 April 20X7 was $6,500.
What was his capital at 31 March 20X8?
$33,730
$33,800
$38,930
$39,000
Senji does not keep proper accounting records, and it is necessary to calculate her total purchases for the year ended 31 January 20X3 from the following information:
$
Trade payables: 31 January 20X2 - 130,400
31 January 20X3 - 171,250
Payment to suppliers - 888,400
Cost of goods taken from inventory by Senji for her personal use - 1,000
Refunds received from suppliers - 2,400
Discounts received - 11,200
What is the figure for purchases that should be included in Senji’s financial statements?
$914,650
$937,050
$939,050
$941,850
Aluki fixes prices to make a standard gross profit percentage on sales of 20%.
The following information for the year ended 31 January 20X3 is available to compute her sales total for the year.
$
Inventory: 1 February 20X2 243,000
31 January 20X3 261,700
Purchases 595,400
Purchases returns 41,200
What is the sales figure for the year ended 31 January 20X3?
$669,375
$702,600
$772,375
$741,480
Alpha is a sole trader who does not keep proper accounting records.
Alpha’s first year of trading was 20X4. From reviewing Alpha’s bank statements and the incomplete records relating to cash maintained, the following summary has been compiled.
Bank and cash summary, Alpha, 20X4
$
Cash received from credit customers and paid into the bank 381,600
Expenses paid out of cash received from credit customers before banking 6,800
Cash sales 112,900
Other information, Alpha, 20X4
Irrecoverable debts written off 7,200
Discounts allowed to credit customers 9,400
Closing balance of Trade receivables 0
Which of the following correctly represents Alpha’s sales figure for 20X4?
$517,900
$112,900
$381,600
$510,900
A sole trader who does not keep full accounting records wishes to calculate her sales revenue for the year.
The information available is:
1 Opening inventory $17,000
2 Closing inventory $24,000
3 Purchases $91,000
4 Standard gross profit percentage on sales revenue 40%
Which of the following is the sales figure for the year calculated from these figures?
$117,600
$108,000
$210,000
$140,000
On 31 December 20X0 the inventory of V was completely destroyed by fire. The following information is available:
1 Inventory at 1 December 20X0 at cost $28,400
2 Purchases for December 20X0 $49,600
3 Sales for December 20X0 $64,800
4 Standard gross profit percentage on sales revenue 30%
Based on this information, which of the following is the amount of inventory destroyed?
$45,360
$32,640
$40,971
$19,440
The following information is available for the year ended 31 December 20X4 for a trader who does not keep proper accounting records:
$
Inventories at 1 January 20X4 38,000
Inventories at 31 December 20X4 45,000
Purchases 637,000
Gross profit percentage on sales = 30%
Based on this information, what was the trader’s sales figure for the year?
$900,000
$819,000
$920,000
$837,200
Wanda keeps no accounting records. The following information is available about her position and transactions for the year ended 31 December 20X4:
$
Net assets at 1 January 20X4 210,000
Drawings during 20X4 48,000
Capital introduced during 20X4 100,000
Net assets at 31 December 20X4 400,000
Based on this information, what was Wanda’s profit for 20X4?
$42,000
$242,000
$138,000
$338,000
