Accounting Questions and Answers

$\begin{array}{c|c} & N & & N \\ \hline \text{Balance b/d} & ? & \text{Discount allowed} & 968 \\ \text{sales} & 21,610 & \text{Sales returns} & 942 \\ \text{Acceptance dishonoured} & 542 & \text{cash received from customers} & ? \\ & & \text{Balance c/d} & 13,740 \\ \text{Total} & 34,743 & \text{Total} & 34,742 \end{array}$
What is the net sales for the year?

$\begin{array}{c|c} & N & & N \\ \hline \text{Balance b/d} & ? & \text{Discount allowed} & 968 \\ \text{sales} & 21,610 & \text{Sales returns} & 942 \\ \text{Acceptance dishonoured} & 542 & \text{cash received from customers} & ? \\ & & \text{Balance c/d} & 13,740 \\ \text{Total} & 34,743 & \text{Total} & 34,742 \end{array}$
What is the total debts at the end of the year?

$\begin{array}{c|c} & N \\ \hline \text{Stock at 1st Jan. 1901} & 6,500 \\ \text{Stock at 31st Dec. 1901} & 5,500 \\ \text{Creditors at 1st Jan. 1901} & 4,000 \\ \text{Creditors at 31st December 1901} & 5,000 \\ \text{cash paid for goods during the year} & 20,000 \\ \text{Gross profit} & \text{25% on cost} \\ \text{Administrative and selling expenses} & 2,750 \end{array}$

What is the amount charged in the profit and loss account?

$\begin{array}{c|c} & N \\ \hline \text{Stock at 1st Jan. 1901} & 6,500 \\ \text{Stock at 31st Dec. 1901} & 5,500 \\ \text{Creditors at 1st Jan. 1901} & 4,000 \\ \text{Creditors at 31st December 1901} & 5,000 \\ \text{cash paid for goods during the year} & 20,000 \\ \text{Gross profit} & \text{25% on cost} \\ \text{Administrative and selling expenses} & 2,750 \end{array}$

Calculate the percentage of net profit on sales

$\begin{array}{c|c} & N \\ \hline \text{Stock at 1st Jan. 1901} & 6,500 \\ \text{Stock at 31st Dec. 1901} & 5,500 \\ \text{Creditors at 1st Jan. 1901} & 4,000 \\ \text{Creditors at 31st December 1901} & 5,000 \\ \text{cash paid for goods during the year} & 20,000 \\ \text{Gross profit} & \text{25% on cost} \\ \text{Administrative and selling expenses} & 2,750 \end{array}$
What is the turn-over for he year?