CBE QUESTIONS

I GAVE CBE EXAMS 2 DAYS AGO.THERE ARE SOME QUESTIONS THAT I DONT KNOW HOW TO SOLVE.CAN U PLEASE SOLVE IT SO THAT I CAN UNDERSTAND:

Q1)A purchase inventory @1,000
purchases-$5/unit
closing inventory-$1,000
non recoverable tax-$500
trade discount- $5% of purchase price
selling cost- $1/unit.
what is the cost of inventory?

Q2) final account at 31 December 2008 did not included bill received on January 2009 which was made on December 2008.
what will be effect of net profit on
2008 2009
understated overstated
overstated understated
understated understated
overstated overstated

Q3)on 31 December 2005 issued 7% redeemable share repayable in ten year. What will be their effect
ROCE GEARING RATIO
decreased increased
decreased decreased
increased increased
no effect increased

Q4)500 from customer gone bankrupt .received 50c on every $1 owed. Increase in allowance is 275.what was the profit reduced?

Q5) on 1 august 2005 purchased asset for $50,000.its useful life is 7 year. Its residual value is 1,000.on 1 January it was revalued $41,000.there wasn’t any change in life of asset. What was the cost of asset on 31 December 2008?

Q6) Anny purchased asset $90,000.its depreciation life is 5 year on STRAIGHT LINE METHOD. Its modification cost is $10,000.and maintenance cost $5000.there was an increase in inventory of 1 year. What was the cost of inventory?
plant and machinery $490,000
overdraft $50,000
trade payable $150,000
trade receivable $375,000
cash $67000
prepayments $67000
accrual $18000
Allowance $22000
recoverable loan $110,000
what is the value of current assets?