Final accounts of a sole trader

Question 1 of 10

Sales are GH¢30,000 and cost of sales is GH¢22,000. What is the gross profit?

Question 2 of 10

Opening inventory is GH¢5,000, purchases GH¢20,000 and closing inventory GH¢3,000. What is the cost of sales?

Question 3 of 10

Discount received is shown in the income statement as

Question 4 of 10

Net profit is added to capital in the

Question 5 of 10

Discount allowed is shown in the income statement as

Question 6 of 10

Gross profit is GH¢30,000; mark-up on cost is 50%. Sales were

Question 7 of 10

Sales GH¢40,000, cost of sales GH¢25,000, expenses GH¢6,000. Net profit is

Question 8 of 10

Carriage inwards is treated as part of

Question 9 of 10

A machine costs GH¢12,000, has a residual value of GH¢2,000 and a life of 5 years. What is the yearly straight-line depreciation?

Question 10 of 10

Carriage outwards is treated as