F3 Quiz

1- Following information is related to Diana beauty salon for the year ended
June 2012.
$
Expenses
4500
Opening Inventory
2000
Purchases
15000
Closing inventory
3500
Profit for the year
4000
What is the sales figure?
2- Below details pertains to Grams business for May 2012.
$
Sales
50000
Purchases
32000
Closing Inventory
10000
Capital
90000
Withdrawal from business
5000
Expenses
4500
Opening inventory at the start of the year was 30000. Inventory amounting
to $5000 could only be sold for $3500 at the year end. What would be the
Gross profit and net profit of the company?
3- The company must disclose all its assets at breakup value when the
______________ assumption is invalid?
4- Company paid a sum of $5000 against yearly expense of insurance premium
for the period starting Jan 2010 to Dec 2010. The companys yearend is June
30th. The sum paid this year is 20% higher than the previous year amount.
Calculate charge for the year ending June 30th 2010?
5- X Ltd. has net assets worth $15000 at the beginning of the year. During the
year new capital of $7500 was injected by the owner. The profits for the
year were $2500 out of which the drawings were $850. What is the balance
on the capital account?
6- Prepare a trial balance for the below given general entries.
Mr. John started business with a shop worth $100,000 and $20,000 cash
Purchased inventory amounting to 15,000
Sale made on credit to Ms. Angelina worth $5800
Purchased fixed asset amounting to $2300
Paid bills of $250

F3 Quiz

Withdrawn goods from business worth $450 which could be sold at a price of
$600 in normal course of business
7- Suzy have a small business which deals in shoes. Kindly record the following
entries for the year ended Jun 30 th 2012. Also calculate any accruals or
prepaid at year end?
- Suzy paid advance rent of $2400 on May 1 st 2012 for twelve months period
ending April 30th 2012
- Utility bill amounted to $5400 have not been paid yet
- Monthly expense of $500 is paid on bimonthly basis. The next payment will
get due on July 31st 2012.
8- Sales tax applicable is 17.5% details of the sale and purchases are as follows.
- Goods purchased amounted to $4000
- Credit sales amounting to $3500 were made
- Cash sales of $750 were made by the business
- Good purchased on credit for $6900 tax inclusive
- Tax paid on purchases of $700 is irrecoverable of the total input tax paid.
Prepare Sales Tax control account?
9- A companys fixed assets have a net book value of $150,000. An asset which
originally cost $15000 is sold for $10000 making a profit of $3000. What
would be the revised net book value of the fixed assets?
10A company purchased a new machinery with a purchase price of
$50000, the invoice also the a delivery charge of $800 and one year
warranty coverage of $1500. The company also paid a sum of $500 for
improvement of the premises which is necessary for the new machinery to
be installed?
11An asset purchase in 2010 for a sum of $4000 has been sold in 2012
for a sum of $1500. The asset was depreciated @25% per annum. Calculate
the gain or loss on disposal
12Companys land and building account has a balance of $850,000 on Jan
st
1 2005 and accumulated depreciation amounted to $250,000. The building
was originally purchased for $400,000. In current year following expenditure
were made in the current year
- Repair and maintenance
$500
- Improvement of celling $15000
- Up gradation of building
$5000