18PPE asset costing Rs5000 is depreciated at the rate of 20 % per annum using the

diminishing balance method.What is the total amount of depreciation for the first two years?

A. Rs1000

B. Rs1200

C.Rs1800

D. Rs2000

19.0 A trader takes goods that have a selling price of Rs200 from his shop for his own use. The cost price of these goods is Rs150. How is this transaction recorded in his accounting records?

Account debited Accountcredited

A drawings 200 purchases 200

B purchases 200 drawings 200

C drawings 150 purchases 150

B purchases 150 drawings 150

20. What is a Balance Sheet?

A a statement of the assets, liabilities and capital of a business on a certain date

B a list of balances remaining on a business's books on a certain date

C a summary of a business's transactions for the year

D an account showing the financial position of a business at the year end

22.0 Winston decides to write off a debt due to him from Leroy for goods sold on credit.

Which general journal entry records this?

account debitedaccount credited

A bad debtssales

B bad debtsLeroy

C salesbad debts

D Leroybad debts

31.0 A trader's gross profit for 2019 was Rs20,000 with a profit markup of 33 1/3%. Competition has forced him to reduce his markup to 25% in 2020. What his sales need to be to make same gross profit as before?

A Rs120,000

B Rs20,000

C Rs80,000

D Rs100,000

32.0 A trader's gross profit for 2019 was Rs20,000 with a profit markup of 33 1/3%. Competition has forced him to reduce his markup to 25% in 2020. What his sales need to be to increase net profit by Rs5000 assuming additional overheads costs of Rs10,000

A Rs120,000

B Rs140,000

C Rs175,000

D Rs100,000

37.0 Peter provides the following information.

Rs

stock 3200

debtors 3300

creditors 1560

bank 1060

loan 2000

PPE 500

accruals 60

Prepaid 100

The bank statement showed that during the year he had withdrawn Rs5000 for private use. He sold private investments for Rs2000 which he had paid into the business bank account. He also provided Rs1000 as depreciation

What is his profit?

A. Rs5300

B. Rs6300

C. Rs4300

D. Rs7300