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A Level Accounting

Incomplete Records

QuestionAnswer
How do you calculate Capital using a Statement of Affairs? Total Assets − Total Liabilities.
How do you calculate Mark-up? Gross Profit ÷ Cost of Sales × 100.
How do you calculate Gross Profit Margin? Gross Profit ÷ Revenue × 100.
How do you calculate Profit in Relation to Revenue? Profit for the Year ÷ Revenue × 100.
How do you calculate Inventory Turnover in times? Cost of Sales ÷ Average Inventory.
How do you calculate Inventory Turnover in days? Average Inventory × 365 ÷ Cost of Sales.
How do you calculate Average Inventory? (Opening Inventory + Closing Inventory) ÷ 2.
How do you calculate Gross Profit using Gross Profit Margin? Revenue × Gross Profit Margin.
How can Revenue be calculated using Gross Profit Margin? Cost of Sales ÷ Cost of Sales Percentage.
What is the procedure to find missing Credit Sales using a Sales Ledger? 1) Balance b/d on Debit side. 2) Balance c/d on Credit side. 3) Enter receipts from trade receivables on Credit side. 4) Enter irrecoverable debts and discounts allowed on Credit side. 5) Balance the account. 6) Difference on Debit side = Credit Sales.
How do you calculate Profit for the Year using Profit in Relation to Revenue? Revenue × Profit in Relation to Revenue.
How do you calculate Cost of Sales using Inventory Turnover? Average Inventory × Inventory Turnover.
How can Mark-up be used to find Gross Profit? Mark-up % × Cost of Sales = Gross Profit.
How do you calculate Profit using a Statement of Affairs? Calculate Opening Capital and Closing Capital. Profit/Loss = Closing Capital − Opening Capital.
How do you calculate Profit using a Statement of Affairs when there are Drawings and Capital Introduced? Closing Capital − Opening Capital + Drawings − Capital Introduced = Profit.
What is the procedure to find missing Credit Purchases using a Purchases Ledger? 1) Balance b/d on Credit side. 2) Balance c/d on Debit side. 3) Enter payments to trade payables on Debit side. 4) Enter discounts received on Debit side. 5) Balance account. 6) Difference on Credit side = Credit Purchases.
What is the procedure to find missing Cash Lost or Stolen using a Cash Ledger? 1) Balance b/d on Debit side. 2) Balance c/d on Credit side. 3) Enter cash sales on Debit side. 4) Enter cash payments on Credit side. 5) Balance account. 6) Difference on Credit side = Cash Lost/Stolen.
A business has Gross Profit Margin of 20% and Cost of Sales of £52,300. Calculate Sales. Sales = £52,300 ÷ 80 × 100 = £65,375.
How can Mark-up be used to find Sales? Gross Profit = Mark-up × Cost of Sales. Sales = Gross Profit + Cost of Sales.
How can Inventory Turnover be used to calculate Closing Inventory? 1) Cost of Sales ÷ Inventory Turnover = Average Inventory. 2) Average Inventory × 2 = Total Inventory. 3) Total Inventory − Opening Inventory = Closing Inventory.
How do you calculate Sales Revenue using Profit in Relation to Revenue? Profit for the Year ÷ Profit in Relation to Revenue.
How do you calculate Total Sales for the Year? Credit Sales + Cash Sales.
How is Profit or Loss on Disposal calculated using a Disposal Account? Profit/Loss = Sale Proceeds − Net Book Value. If positive = Profit. If negative = Loss.
What are the steps for calculating Profit or Loss on Disposal using a Disposal Account? 1) Enter asset cost on Debit side. 2) Enter accumulated depreciation on Credit side. 3) Enter sale proceeds on Credit side. 4) Balance account. 5) Difference = Profit or Loss.
In a Rent, Tax or Commission T Account, where do payments appear? Debit side.
In a Rent, Tax or Commission T Account, where does Balance b/d appear? Credit side.
In a Rent, Tax or Commission T Account, where does Balance c/d appear? Debit side.
What does 'Other Payables - Rent of Shop Premises' indicate? An accrual.
What does 'Other Receivables - Rent of Shop Premises' indicate? A prepayment.
How are unpresented cheques to trade suppliers treated in a Trade Payables Account? Debit Trade Payables Account to reduce the amount owed.
How can depreciation be calculated if no depreciation details are provided? Opening Book Value − Closing Book Value − Book Value of Assets Sold = Depreciation.
A business has Sales of £230,690 and a Mark-up of 25%. Calculate Gross Profit. Sales represent 125%. Gross Profit = £230,690 ÷ 125 × 25 = £46,138.
How are Discounts Received from suppliers treated in an incomplete records question? Debit Trade Payables Account and add to income in the Income Statement.
How do unpresented cheques and outstanding lodgements affect the bank figure in the Statement of Financial Position? Closing Bank Balance + Outstanding Lodgements − Unpresented Cheques = Adjusted Bank Figure.
What is the formula for Capital? Assets − Liabilities.
What is the formula for Gross Profit? Sales Revenue − Cost of Sales.
What is the formula for Mark-up? Gross Profit ÷ Cost of Sales × 100.
What is the formula for Gross Profit Margin? Gross Profit ÷ Revenue × 100.
What is the formula for Inventory Turnover (Times)? Cost of Sales ÷ Average Inventory.
What is the formula for Inventory Turnover (Days)? Average Inventory × 365 ÷ Cost of Sales.
What is the formula for Average Inventory? (Opening Inventory + Closing Inventory) ÷ 2.
What is the formula for Profit using Statement of Affairs? Closing Capital − Opening Capital.
What is the formula for Profit with Drawings and Capital Introduced? Closing Capital − Opening Capital + Drawings − Capital Introduced.
What is the formula for Total Sales? Credit Sales + Cash Sales.
What is the formula for Profit or Loss on Disposal? Sale Proceeds − Net Book Value.
Created by: durquhart1
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