ACCA FA · Chapter 11 · Question 10 of 12
A shopkeeper banks her takings each week after paying some expenses in cash. During the year, $96,000 was banked, wages of $14,400 were paid from takings and she took $6,000 from takings as drawings. Cash in the till was $1,200 at the start of the year and $900 at the end. What were her total cash takings for the year?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: D) $116,100
Explanation
Total takings = amounts banked + payments from takings + closing cash - opening cash = $96,000 + $14,400 + $6,000 + $900 - $1,200 = $116,100. Ignoring the till balances gives $116,400, reversing them gives $116,700, and omitting drawings gives $110,100.
More Preparing financial statements, events after the reporting period and incomplete records MCQs
- Q12A company's retained earnings at the start of the year were $210,000. During the year it made a profit of $64,000 and paid dividends of…
- Q1Under IAS 1 Presentation of Financial Statements, which of the following is presented in other comprehensive income?
- Q2At the year end, a company has a bank loan of $120,000 which is repayable in equal annual instalments of $20,000, the next of which is due…
- Q3A company estimates its income tax for the current year at $46,000. The tax liability for the previous year was estimated at $38,000, but…
- Q4Under IAS 10 Events after the Reporting Period, which of the following events after the year end is an ADJUSTING event?