1.Meena and Khan are in partnership, sharing profits and losses equally. Interest on capital account balance to be allowed 5%

Capital balance at start of year

Meena $10000

Khan $20000

Profit for the year $28000

How much was credited to Meena's current account at end of the year?

(memo gives answer as $13750)

2.Sumit maintains a position for doubtful debt at 5% of trade receivables at end of each financial year. On 1/1/2016 the trade receivables amounted to $3500 and provision for doubtful debt was $175

Income statement for year ended 31/12/2016 was debited with $15 for prov of doubtful debt

How much did the trade receivables owe on 31/12/2016? (memo gives answer of $3800)

3.The issue share capital of DX Limited consist of ordinary shares

Retained earnings were $45000 on 1 Sep 2016. These had increased to $75000 on 31/8/2016

The company earned a profit for the year of $80000

What was total ordinary share divided for the year? (memo gives $50000)

4.Club provides info:

Receipts 21600

payment 20000

depreciation charged for year 1250

accumulated fund at end of year 15800

No accruals and pre paymens and no capital expenditure of capital receipts for year

What was accumulated fund at start of year? (memo gives answer $15450)

5.Trader provided info: 1/8/2016 Capital 25000, 31/7/2017 assets 75000, liabilities 36500, drawings for year 7500

What was profit for year ended 31/7/2017? (memo gives answer $21000)

6.Business gives info: Revenue for year 189000, purchases for year 125000, gross profit as % of cost of sale = 25%

What was gross profit for year (memo gives answer as $37800)

7.Donald rate of inventory turnover was 10 times. Inventory on 1 Jan 2017 was $800 and inventory on 31 Dec 2017 was $1000

What were purchases for year (memo gives answer as $$9200)