A sole trader's business made a profit of $32,500 during the year ended 31 March 20X8. This figure was after deducting
$100 per week wages for himself. In addition, he put his home telephone bill through the business books, amounting to $400
plus sales tax at 17.5%. He is registered for sales tax and therefore has charged only the net amount to his statement of
profit or loss and other comprehensive income.
His capital at 1 April 20X7 was $6,500. What was his capital at 31 March 20X8?
$
Capital at 1 April 20X7 6,500
Add： profit (after drawings) 32,500
Less： sales tax element (70)
Capital at 31 March 20X8 38,930
多做几道
Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal
use?
Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal
use?
According to the IASB's Conceptual Framework for Financial Reporting, which TWO of the following are part of faithful
representation?1 It is neutral2 It is relevant3 It is presented fairly4 It is free from material error
Which of the following accounting concepts means that similar items should receive a similar accounting treatment?
Listed below are some characteristics of financial information.1 Relevance2 Consistency3 Faithful representation4 Accuracy
Which of these are qualitative characteristics of financial information according to the IASB's Conceptual Framework for
Financial Reporting?
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