The Trail Balance of BSAF ltd is provided to you and you are required to answer the questions ACCOUNT DEBIT CREDIT SALES 150,000 PURCHASES 97,500 CARRIAGE INWARDS 1,680 CARRIAGE OUTWARDS 1,344 SALARIES AND WAGES 4,515 RENT 33,900 HEAT & LIGHT 1,320 SUNDRY EXPENSES 3,645 Opening INVENTORY 6,860 RECEIVABLES 31,500 DIVIDEND PAID 15,000 PAYABLES 28,350 CASH IN HAND 368 CASH AT BANK 87 SHARE CAPITAL 5,695 RESERVES 13,500 Total 197,632 197,632 Closing inventory has been counted and is valued at $8,232. What are the total assets required to answer? Single choice.


55,100

40,000

40,100

None of the above

11,663

CASH is KING ltd, a limited liability company, has non-current assets with a carry value of 300,000 on 1st December 2019. This company is preparing financial statements for the year ended 31 December 2020. Statement of profit or loss for the year ended 31 December 2020 Revenue 6,000 Cost of sales (3,600) Gross Profit 2,400 Distribution costs (480) Administrative expenses (240) Investment income 1170 Finance cost (585) Profit before tax 2,265 Taxation (30) Profit for the year 2,235 CASH is KING ltd.'s STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 2020 NON-CURRENT ASSETS 2020 2019 Cost 120 80 Acc Depreciation (72) (48) Carrying Value 48 32 Current Assets Inventory 108 90 Receivable 4,789 1,298 Cash in hand 20 10 Total current assets 4,917 1,398 Total Assets 4,965 1,430 EQUITY Share Capital ($1 ordinary shares) 1,600 800 Share Premium account 295 135 Revaluation surplus 77 70 Retained Earnings 2,435 200 Non-Current 6 % Loan note 360 60 Current liabilities Trade payables 135 90 Bank overdraft 63 45 Taxation 0 30 Total equity & liabilities 4,965 1,430 Additional information 1. During the year ended 31 December 2020, the company sold a piece of equipment for $20, realizing a profit of $10. There were no other disposals of non-current assets during the year. 2. Depreciation of $30 has been charged. 3. There were no amounts outstanding in respect of interest payable or receivable as at 31 December 2019 or 2020. 4. There were no dividends paid or declared during the year. Required: What is the amount of net cash flows for the year (i.e. the total cashflows) :Required to answer. Single choice.

(4 Points)

(-8)

(35)

35

(43)

none of above

8

43

CASH is KING ltd, a limited liability company, has non-current assets with a carry value of 300,000 on 1st December 2019. During the year ended 30 November 2020, the following occurred: A depreciation of $100,000 was charged to the income statement. Land and Buildings with a carry value of 150,000 were revalued to 180,000. An asset with a carrying value of $30,000 was disposed of for 45,000 The carrying value of non-current assets at 30 November 2020 900,000. In accordance with IAS7 Statement of Cash Flows, what net cash flows from the above transactions would be included within net cash flows from investing activities for the year ended 30 November 2020? Required:Required to answer. Single choice.

(5 Points)

-655,000

50,000

45,000

655,000

-700,000

700,000

6.The SA. Sports does not keep double entry record and you have been appointed as accountant for the business and following information is available for the year ended 31 December 2020 . Opening accounts receivables 100,000 Cash received from credit customers and paid into the bank 700,000 Expenses paid out of cash received from credit customers before banking 6,000 Irrecoverable debts written off 5,000 Refunds to credit customers 2,000 Discounts allowed to credit customers 3,000 Cash Sales 80,000 Closing accounts receivables 80,000 Required: calculate the amount of net sales for S.A Sports?Required to answer. Single choice.

(3 Points)

772,000

800,000

692,000

80,000

14.The following trial balance has been extracted from the ledger of ABC Ltd. ACCOUNT DEBIT CREDIT SALES 150,000 PURCHASES 97,500 CARRIAGE INWARDS 1,680 CARRIAGE OUTWARDS 1,344 SALARIES AND WAGES 4,515 RENT 33,900 HEAT & LIGHT 1,320 SUNDRY EXPENSES 3,645 Opening INVENTORY 6,860 RECEIVABLES 31,500 DIVIDEND PAID 15,000 PAYABLES 28,350 CASH IN HAND 368 CASH AT BANK 87 SHARE CAPITAL 5,695 RESERVES 13,500 Total 197,632 197,632 Closing inventory has been counted and is valued at $8,232. Required: What is the cost of salesRequired to answer. Multiple choice.

(4 Points)

97,808

96,128

104668

None of above

106,040

Answer rating: 100% (QA)

Before taxes gross profit is equal to sales minus the cost of the items sold Cost of goods so... View the full answer