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FA Chapter 2 Questions The Statement of Financial Position and Statement of Profit or Loss

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Comments

  1. Sshiver says

    June 2, 2023 at 12:02 pm

    Hi, please explain question 3 to me. Am new. Thank you

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    • John Moffat says

      June 3, 2023 at 6:56 am

      If you click on ‘review quiz’ after submitting your answers then you will see the workings to arrive at the correct answer. It is using the accounting equation as explained in my free lectures.

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  2. abdallah254 says

    February 6, 2023 at 4:31 am

    the last question i got the answer but the format was wrong

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    • afital12 says

      February 8, 2023 at 2:35 am

      Same here. My increase in net assets total was $11,000. I did not subtract the liabilities.

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    • afital12 says

      February 8, 2023 at 3:00 am

      I just figured out where I went wrong with the formula. I did not consider the equation for net assets (assets – liabilities).

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  3. kapanga says

    November 21, 2022 at 3:59 pm

    How to treat net assets

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    • John Moffat says

      November 22, 2022 at 8:14 am

      Which question are you referring to?

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  4. BOARMAN125 says

    November 18, 2022 at 9:52 pm

    Can someone explain the final question please. im lost

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    • John Moffat says

      November 19, 2022 at 11:24 am

      If you choose ‘review quiz’ after submitting your answers you will see the workings for the correct answer.

      The question is testing on the accounting equation as explained in the free lecture. If after reviewing the workings you are unclear where any of the figures come from then state which figures you are unsure about and I will then explain.

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    • dia.auh says

      December 4, 2022 at 9:20 am

      pg. 15 from the notes, do each one by one of the last formulae Use P instead of profit, it’s easy to get confused, that what he mentioned.

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    • sudheerchowdary says

      December 12, 2022 at 7:48 pm

      it is easy to solve in t format
      liabilities amount assets amount
      capital
      (23000+2000) 25000
      drawings 6000
      (500.12)
      liabilities 8000
      profit 7000
      (balancing figure)

      total 34000 total 34000

      simple way to solve this question is first arrange thing given in question in proper postion and the blancing figure is answer

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  5. geansam says

    November 15, 2022 at 6:32 am

    I got 80%

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  6. shrutika says

    November 12, 2022 at 5:15 pm

    100%.

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  7. syeddaniyalhasan says

    November 8, 2022 at 8:42 pm

    Got 80% 馃檪

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    • bnyamunokora says

      March 12, 2023 at 10:02 am

      I also gt 80%

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  8. phiri.raynolds@gmail.com says

    November 1, 2022 at 8:27 pm

    Very good practice.

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  9. guesthanjuwa@gmail.com says

    November 1, 2022 at 7:30 am

    Thank you so much for these lectures,notes and quiz. I got 80 percent

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  10. ngada says

    October 23, 2022 at 12:24 pm

    insightfull….thanks a lot

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    • John Moffat says

      October 24, 2022 at 8:59 am

      Thank you for your comment 馃檪

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  11. izna.k says

    October 12, 2022 at 8:41 am

    I got 60% which I didn’t expect and I learned a lot from my mistakes. This is helpful since I’m learning most of the things myself outside of class. Thank you so much for these notes, lectures, and quizzes.

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  12. biancabraescu says

    October 11, 2022 at 9:21 am

    Hello! Why we added withdrawals?

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    • govindmj76990 says

      October 11, 2022 at 7:28 pm

      we use to subtract opening assets with closing. here in order to find opening assets, it will be in negative so we multiply by minus (-) on both side to get positive results.

      increase in N.A = capital introduced + profit – drawing
      closing assets – opening assets = capital introduced + profit – drawing
      – opening assets = capital introduced + profit – drawing – closing assets
      opening assets = closing assets + drawing – profit – capital introduced ( multiplying both side by minus)
      Hope you understand

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  13. ahmdy says

    October 8, 2022 at 12:23 pm

    I got 80%. These notes and the lectures are great and useful. Concise and straight to the point. Love from Afghanistan. I promise I will donate half of my first salary to Open Tuition. You are doing an excellent job Mr. John Moffat. Wholeheartedly thank you.

    Log in to Reply
    • John Moffat says

      October 8, 2022 at 2:36 pm

      Thank you for your comment 馃檪

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