Accounts - Principles of Accounts Past Questions and Answers

What type of stock valuation would a vegetable seller adopt in valuing it's product?

The total cash and cheques received from customers in a control account is derived from the

1/1/2010 31/12/2010
Creditors - #9,000 #9,800
Rent owing - #3,800 #2,500
Rates prepaid - #2,000 #3,500
Motor van - #8,000 #8,000
Premises - #10,000 #10,500
Find the opening capital

1/1/2010 31/12/2010
Creditors - #9,000 #9,800
Rent owing - #3,800 #2,500
Rates prepaid - #2,000 #3,500
Motor van - #8,000 #8,000
Premises - #10,000 #10,500
Calculate the closing capital

Given:
Opening capital - #50,000
Closing capital - #64,000
Drawings - #16,000
Determine the net profit