Final accounts

Question 1 of 10

Opening inventory GH¢4,000; purchases GH¢20,000; returns outwards GH¢1,000; carriage inwards GH¢500; closing inventory GH¢3,500. Cost of sales is

Question 2 of 10

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

Question 3 of 10

Opening inventory GH¢2,000, purchases GH¢10,000, closing inventory GH¢3,000. Cost of sales is

Question 4 of 10

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

Question 5 of 10

Carriage inwards is treated in the final accounts as part of

Question 6 of 10

Returns inwards are deducted from

Question 7 of 10

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

Question 8 of 10

Working capital equals

Question 9 of 10

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

Question 10 of 10

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