Final accounts

Question 1 of 10

Capital at start GH¢20,000; net profit GH¢6,000; drawings GH¢2,500; additional capital GH¢1,000. Closing capital is

Question 2 of 10

Gross profit is calculated as

Question 3 of 10

Gross profit GH¢15,000; expenses GH¢9,000; discount received GH¢500. Net profit is

Question 4 of 10

Rent owing at the end of the year is shown in the statement of financial position as

Question 5 of 10

Insurance paid in advance for next year is shown in the statement of financial position as

Question 6 of 10

Net sales GH¢60,000; gross profit 25% of sales. Cost of sales is

Question 7 of 10

Opening inventory GH¢5,000, purchases GH¢20,000, closing inventory GH¢3,000. Cost of sales is

Question 8 of 10

Mark-up of 25% on cost is equivalent to a margin of

Question 9 of 10

Cost of sales GH¢30,000; average inventory GH¢5,000. The rate of inventory turnover is

Question 10 of 10

Prepaid insurance at the year end is shown as a