At 1 January 2022, there was a credit balance of $800 on the electricity account. Payments made during the year totalled $4900. At 31 December 2022, a further $1800 of electricity had been used since the last invoice was paid. What is the charge to the income statement for electricity for the year 2022?

7707_w23_qp_12

MCQ

2023

Paper 1, Variant 2

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Which action does not reduce the owner’s capital?

7707_w23_qp_13

MCQ

2023

Paper 1, Variant 3

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Which transaction is capital expenditure?

7707_w23_qp_13

MCQ

2023

Paper 1, Variant 3

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The Daylee Sports Club was formed in January. During its first year the club purchased equipment costing $5000, paying by cheque. Which of the club’s financial statements are affected by the purchase of this equipment?

7707_w24_qp_12

MCQ

2024

Paper 1, Variant 2

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The following ledger account appeared in the books of a club for the year ended 31 December. Subscriptions account $ $ Bank Dec 31 Balance b/d Jan Income and expenditure Dec 31 _____ Balance c/d Which statement is correct?

7707_w24_qp_12

MCQ

2024

Paper 1, Variant 2

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A limited company sells office equipment. The following amounts were recorded in the company’s books of account. cash received from disposal of motor vehicle $6000 cash received from issue of shares $9000 discount received $8000 rent received $5000 What was the total of the capital receipts of the company?

7707_w24_qp_13

MCQ

2024

Paper 1, Variant 3

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A cricket club provided the following information. $ at 1 August 2021 balance at bank during the year ended 31 July 2022 net receipts from competition subscriptions received general expenses paid insurance paid rent paid at 31 July 2022 subscriptions owing by members insurance prepaid depreciation of equipment What was the balance at bank on 31 July 2022?

7707_w22_qp_13

MCQ

2022

Paper 1, Variant 3

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A non-current asset was depreciated at the end of the first year of ownership using the straight-line method based on the following information. cost $20 000 working life 4 years residual value $4000 It was then found that the reducing balance method at 30% per annum should have been used. What was the effect on the profit for the year of correcting this error?

7707_s20_qp_11

MCQ

2020

Paper 1, Variant 1

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A company’s financial year ended on 31 December 2019. On 1 December 2019 it paid rent, $8000, for the four months ending 31 March 2020. What was the opening balance on the rent account on 1 January 2020?

7707_s20_qp_11

MCQ

2020

Paper 1, Variant 1

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On 31 December 2019 John had net assets of $2000 and capital of $2000. On 1 January 2020, goods costing $140 were sold on credit for $220. What was the effect of this transaction on the statement of financial position?

7707_s20_qp_11

MCQ

2020

Paper 1, Variant 1

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