A-AS Level (CIE) Accounting Paper-3: Specimen Questions with Answers 17 - 18 of 50
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Question 17
Question
MCQ▾Calculate cash from operating activities from the following balances:
Current Assets and Current liabilities
1992 | 1993 | |
Debtors | 80,000 | 60,000 |
Bills receivable | 7,000 | 10,000 |
Creditors | 50,000 | 55,000 |
Bills payable | 8,000 | 6,000 |
Outstanding expenses | 1,000 | 1,500 |
Prepaid expenses | 1,800 | 1,600 |
Accrued income | 800 | 900 |
Income received | 700 | - |
Operating profit before working capital changes was $ 1,00, 000
Choices
Choice (4) | |
---|---|
a. | 1,00, 000 |
b. | 1,20, 000 |
c. | 1,19, 900 |
d. | 1,19, 000 |
Answer
c.Explanation
Operating profit before working capital changes Add: Decrease in assets: Debtors Prepaid expenses Add: Increase in current liabilities: Creditors Outstanding expenses Less: Increase in current assets: Bills receivable Accrued income Less: Decrease in current liabilities: Bills payable Income received in advance Net cash from Operating Activities | $ 20000 200 5000 500 3000 100 2000 700 | $ 1,00, 000 25,700 12,25, 700 5800 1,19, 000 |
Question 18
Question
MCQ▾A, B and C started a business by investing $ 1, 20, 000 1,35, 000 and 1,50, 000. Find the share of each partner from the annual profit of $ 56700?
Choices
Choice (4) | |
---|---|
a. | 16800,18900, 21000 |
b. | 16800,21000, 18900 |
c. | 21000,16800, 18900 |
d. | 18900,16800, 21000 |
Answer
a.Explanation
Their profit-sharing ratio as per their capital
Thus, the answer is 16800,18900, 2100.