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

 

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    • 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.

    • 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

  9. 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.

    • 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

  11. 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.

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