BA3 Exam Dumps - Fundamentals of financial accounting
Refer to the Exhibit.
From the following information, calculate the value of sales for the period:
Value of sales is
Which one of the following will not be found in a statement of changes in equity?
Refer to the Exhibit.
A business which is not VAT registered, purchased stationery items on credit costing £500 excluding VAT. The rate of VAT on the goods was 17.5%.
What are the correct ledger entries?
The answer is:
A company has a receivables balance at the end of the year of £120,000. The company maintains an allowance for receivables at 3% of closing receivables. The opening balance on the allowance was £ 2,880. During the year bad debts of £ 3,000 were written off
The total charge for bad debts for the year is £
A club receives subscriptions during 2006 of £4600. Of these £500 related to subscriptions in respect of 2005 and £400 related to subscriptions in advance for 2007.
The accounts for 2005 included an accrual of £600 for subscriptions in arrears; the balance of £100 which has still not been received, should be written off.
The figure for subscriptions in the income and expenditure account for 2006 will be
FGH has extracted its trial balance from its nominal ledger for the year ended 31 March 20X6 The items below have a value greater than SNil Which are debit and which are credit balances?
Refer to the Exhibit.
A company that is VAT-registered has the following transactions for the month of March.
All purchases were in respect of goods for resale and all items were subject to VAT at 17.5%.
Opening inventory was $16,200 and closing inventory was $18,400.
The movement on the VAT account for the period was: