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Additional info for CIMA Official Learning System Fundamentals of Financial Accounting, Sixth Edition
Example text
Purchasing a non-current asset on credit. The owner withdrawing cash. Receivables paying their accounts in full, in cash. 8 The profit of a business may be calculated by using which one of the following formulae? (A) (B) (C) (D) Opening capital − drawings ϩ capital introduced − closing capital. Closing capital ϩ drawings − capital introduced − opening capital. Opening capital ϩ drawings − capital introduced − closing capital. Closing capital − drawings ϩ capital introduced − opening capital. Question 2 The following table shows the cumulative effects of a series of separate transactions on the assets and liabilities of a sole trader’s business.
An increase in working capital of $1,050. 5 A sole trader had opening capital of $10,000 and closing capital of $4,500. During the period, the owner introduced capital of $4,000 and withdrew $8,000 for her own use. 6 The accounting equation at the start of the month was: Assets $28,000 less liabilities $12,500 During the following month, the business purchased a non-current asset for $6,000, paying by cheque, a profit of $7,000 was made, and payables of $5,500 were paid by cheque. Capital at the end of the month would be: $.......
Question 2 The following table shows the cumulative effects of a series of separate transactions on the assets and liabilities of a sole trader’s business. The transactions are labelled A to H, and the figures for each asset and liability in the column underneath represent values after the transaction has taken place. Non-current assets Land and buildings Equipment Motor vehicles Current assets Inventories Trade receivables Prepaid expenses Cash at bank Cash on hand C ($) D ($) E ($) F ($) 45,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 34,000 34,000 34,000 17,500 17,500 17,500 34,000 17,500 34,000 17,500 34,000 10,000 34,000 10,000 34,000 34,000 10,000 10,000 ($) 20,800 34,700 1,300 2,150 320 155,770 85,620 50,000 A ($) 20,800 34,700 1,300 2,150 320 175,770 85,620 70,000 B ($) G ($) H ($) 20,800 27,000 27,000 27,000 27,000 27,000 23,000 24,700 24,700 24,700 24,700 23,350 23,350 23,350 1,300 1,300 1,300 1,300 1,300 1,300 1,300 11,150 11,150 6,400 13,200 13,200 10,200 10,200 320 320 320 320 320 320 320 174,770 180,970 176,220 175,520 174,170 171,170 167,170 84,620 84,620 84,870 84,170 82,820 79,820 75,820 70,000 70,000 70,000 70,000 70,000 70,000 70,000 Capital Loans Current liabilities Trade payables 18,600 18,600 18,600 24,800 19,800 19,800 19,800 19,800 19,800 Accrued expenses 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 155,770 175,770 174,770 180,970 176,220 175,520 174,170 171,170 167,170 FUNDAMENTALS OF FINANCIAL ACCOUNTING 1.