Depriciation / profit and bank reconciliations.

Hi Sir,

I tried to do the Free CBE exam found on your website but I got stuck on these 3 questions , could you please help me out on how to work them out please?

QUESTION 1

The plant and machinery account (at cost) of a business for the year ended 31 December 20X5 was as follows:

Plant and machinery (at cost)
20X5 20X5
$ $
01-Jan Balance 240,000 31-Mar Transfer disposal account 60,000
30-Jun Cash purchase of plant 160,000 31-Dec Balance 340,000
400,000 400,000

The company’s policy is to charge depreciation at 20% per year on the straight-line basis, with proportionate depreciation in the years of purchase and disposal.
What should be the depreciation charge for the year ended 31 December 20X5?
$64,000
$61,000
$55,000
$68,000

QUESTION 2

Overdraft per bank statement 3,860
Less: Unpresented cheques 9,160
5,300
Add: Outstanding lodgements 16,690
Cash at bank 21,990
What should be the correct balance per the cash book?
$21,990 balance at bank as stated
$3,670 balance at bank
$3,670 overdrawn
$11,390 balance at bank

QUESTION 3

Amy is a sole trader and had assets of $569,400 and liabilities of $412,840 on 1 January 20X8. During the year ended 31 December 20X8 she paid $65,000 capital into the business and she paid herself wages of $800 per month.
At 31 December 20X8, Amy had assets of $614,130 and liabilities of $369,770.

What is Amy’s profit for the year ended 31 December 20X8?

Thanks a lot for this amazing website it’s really helping me with my studies.