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Final accounts for sole traders and partnerships sample assesment 2 questions

JoannaHopeJoannaHope Registered Posts: 2
I need your help again :(
I am sorry if this questions were answered before but I did not find anything.
Thank you

1.
- A sole trader started business
- The business was not registered for VAT
- The sole trader transferred 10,000 of her own money into the business bank account
- 800 was paid from this account for some office furniture
- Goods for resale by the business costing 900 were purchased using the trader's personal bank account

a. Complete the capital account as at 1 April



At the end of the financial year on 31 March 20X7 you have the following further information:

- Total sales were 66,000
- Total purchases were 59,120
- A mark up of 20% on cost was used throughout the year


b. Calculate the cost of goods sold for the year ended 31 March 20X7

c. Calculate the value of inventory as at 31 March


2. You are given the following information about another sole trader:

* The business started trading on 1 January 20X7 when the owner paid 25,000 into the business bank account
* Gross profit for the year ended 31 December 20X7 was 49,000
* Profit for the year ended 31 December 20X7 was 19,000
* Drawings during the year ended 31 December were 16,000

a. Calculate the balance on the capital account as at 31 December

Comments

  • madformusicmadformusic Registered Posts: 30
    I am just going to say this....no idea if this affects this -Vat rules have changed and AAT level have changed with 2016 how it is calculated. My osborne books does it one way then another and my tutor wanted clarification with these sample papers as well
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