CÂU HỎI NGẮN SỐ 1 – CHƯƠNG 5: Adjusting Accounts for Financial Statement

Question 1: The financial year of ABC Company ended on 31 December 2020. Show the
ledger account for Insurance, including the balance transferred to Profit and Loss account.
Insurance: Paid during 2020 $2,400; Owing as at 1 January 2020 $1,000; Owing as at 31
December 2020 $800.
Answer:
Insurance
Jan 01 Accrued Insurance 1,000
2,40
Dec 31 Cash Dec 31 Profit and loss 2,200
0
Dec 31 Accrued Insurance
800

CÂU HỎI NGẮN SỐ 2 – CHƯƠNG 6: Financial Statements

DẠNG 1: Trading account
Question 1. Complete and show the ledger accounts for Trading at the end of the first year
accounting period based on the following information
Closing Inventory: $8,000; Sales: $56,000; Gross profit: $30,000
Answer:
Trading
Dec 31 Purchases 34,000 Dec 31 Sales 56,000
Closing
Dec 31 Gross Profit 30,000 Dec 31 8,000
Inventory
64,000 64,000

Question 2. Complete and show the ledger accounts for Trading at the end of the first year
accounting period based on the following information
Closing Inventory: $8,000; Sales: $56,000; Gross loss: $6,000
Answer:
Trading
Dec 31 Purchases 70,000 Dec 31 Sales 56,000
Closing
Dec 31 8,000
Inventory
Dec 31 Gross Loss 6,000
70,000 70,000

DẠNG 2: PROFIT AND LOSS ACCOUNT

Question 3. Complete and show the ledger accounts for Profit and Loss at the end of the first
year accounting period based on the following information (the account should include the
amount for Net Profit/ Net Loss)
Rent: $6,800; General expenses: $6,400; Net profit: $12,000
Answer:
Profit and Loss Account

Gross Profit
Rent 6,800 Dec 31 transferred from 25,200
Trading
Dec 31
 General
Dec 31 6,400
Expenses
Dec 31 Net Profit 12,000
25,200 25,200

Question 4. Complete and show the ledger accounts for Profit and Loss at the end of the first
year accounting period based on the following information (the account should include the
amount for Net Profit/ Net Loss)
Rent: $8,000; General expenses: $18,000; Gross profit (transferred from Trading): $14,000
Answer:
Profit and Loss Account
Gross Profit
Rent 8,000 Dec 31 transferred 14,000
from Trading
Dec 31
General
Dec 31 18,000 Dec 31 Net Loss 12,000
Expenses
26,000 26,000