1. James and Yamule are in partnership. Profit for the year is K200,000 before salaries. James is entitled to a salary of K45,000 and Yamule K35,000. They share profits equally. Yamule's share of profit is: A [ ] K20,000 B [ ] K40,000 C [ ] K60,000 C [ ] K80,000 2. Port Moresby Electrical Ltd sends a statement to Goroka Electronics: Balance brought forward K300 Receipt 817 K 75 Invoice 750 K600 Credit Note 111 K 90 Receipt 818 K120 The amount owing to Port Moresby Electrical Ltd is: A [ ] K285 B [ ] K435 C [ ] K585 D [ ] K615 3. Referring back to the information in Question 4, if the balance brought forward had already been paid which of the following actions should Goroka Electronics take? A [ ] Advise Port Moresby Electrical Ltd that the account has already been paid B [ ] Request a credit note from Port Moresby Electrical Ltd C [ ] Request a cheque refund from Port Moresby Electrical Ltd D [ ] No action is necessary 4. Your company receives a tax invoice for an amount of K875 (including GST). The amount of GST included in the K875 amount is: A [ ] K 8.75 B [ ] K88.45 C [ ] K87.50 D [ ] K79.55