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Subjects / LC Accounting / Financial Accounting

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Find missing figures and profit using a statement of affairs, control accounts and mark-up or margin.

In review 5th Year6th Year HigherOrdinary
Helps to know first: Final accounts of a sole trader
18practice questions

Fill the gaps: 1 · Multiple choice: 4 · Select all that apply: 1 · Numeric answer: 10 · Short answer: 1 · Written answer (self/teacher assessed): 1

Each question has up to three hints, a worked explanation, and is tracked in your progress and review plan.

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Numeric answer
At the start of the year a trader had: premises €386000, van €18000, inventory €11000, trade receivables €14000 and cash €437. She owed €6000 to suppliers and had a bank overdraft of €4524. Calculate her opening capital (statement of affairs), in euro.
Whole numbers, decimals (2.5) or fractions (3/4).
Hint 1

Capital = total assets − total liabilities.

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