Practice Steps to Prepare Final Accounts - 9.5.1 | 9. Accounts from Incomplete Records | test1
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9.5.1 - Steps to Prepare Final Accounts

Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What is the first step in preparing final accounts?

๐Ÿ’ก Hint: Think about how we measure assets and liabilities.

Question 2

Easy

What do we need in a Trading Account?

๐Ÿ’ก Hint: What figures help calculate gross profit?

Practice 4 more questions and get performance evaluation

Interactive Quizzes

Engage in quick quizzes to reinforce what you've learned and check your comprehension.

Question 1

What is the purpose of the Statement of Affairs?

  • To calculate net profit
  • To summarize assets and liabilities
  • To record daily transactions

๐Ÿ’ก Hint: Think about its role in assessing financial position.

Question 2

True or False: The Balance Sheet lists all transactions throughout the year.

๐Ÿ’ก Hint: Consider the difference between transaction logs and summary statements.

Solve and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

Given a Statement of Affairs with total assets of โ‚น200,000 and liabilities of โ‚น150,000, calculate the capital and prepare a simple Balance Sheet.

๐Ÿ’ก Hint: Remember to deduct liabilities from assets to find capital.

Question 2

Based on the following dataโ€”Opening Capital โ‚น80,000, Closing Capital โ‚น90,000, Withdrawals โ‚น10,000โ€”determine the net profit.

๐Ÿ’ก Hint: Focus on how withdrawals influence capital calculations.

Challenge and get performance evaluation