1- The aim of financial accounting is to:

2- Following information is related to Diana beauty salon for the year ended June
2012.
$
Expenses
5000
Opening Inventory
2500
Purchases
20000
Closing inventory
3000
Inventory drawing by owner
500
What is the sales figure?

3- Xeric ltd. has net assets worth $15000 at the beginning of the year. During
the year new capital of $7500 was injected by the owner. The profits for the
year were $2500 out of which the drawings were $850. What is the balance
on the capital account?

4- Below details pertains to Gothams business for May 2012.

$
Sales
50000 (originally cost 35000)
Purchases
32000
Capital
90000
Withdrawal from business 5000

Expenses
4500
Net assets as at April 30th 2012 were $36000. What would be the balance on
capital account as at May 31st 2012?

5- Define the following, matching concept, materiality, going concern?

6- Prepare a trial balance for the below given general entries.

Mr. John started business with a shop worth $100,000 and $20,000 cash
Purchased inventory amounting to 15,000
Sale made on credit to Ms. Angelina worth $5800
Purchased fixed asset amounting to $2300
Paid bills of $250
Withdrawn goods from business worth $450 which could be sold at a price of
$600 in normal course of business

7- Suzy have a small business which deals in shoes. Kindly record the following
entries for the year ended Jun 30th 2012. Also calculate any accruals or
prepaid at year end?
- Suzy paid advance rent of $2400 on May 1st 2012 for twelve months
period ending April 30th 2012
- Utility bill amounted to $5400 have not been paid yet
- Monthly expense of $500 is paid on bimonthly basis will get due on July
31st 2012.

8- Sales tax applicable is 17.5% details of the sale and purchases are as follows.
- Goods purchased amounted to $4000
- Credit sales amounting to $3500 were made
- Cash sales of $750 were made by the business
- Good purchased on credit for $6900 tax inclusive

Tax paid on purchases of $700 is irrecoverable of the total input tax paid.

Prepare Sales Tax control account?