Accounts - Principles of Accounts Past Questions and Answers

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

The estimated profit or loss for a period is calculated by

Given:
Drawings - #3,500
Net loss - #2,500
Capital 1/1/2007 - #35,000
Additional capital - #10,000
The adjusted capital as at 31/1/2007 is

When goods produced are transferred at cost plus mark-up sale, the difference between the cost and the transferred price is a

The addition of prime cost, indirect cost and opening work-in-progress less the closing work-in-progress will result in cost of