Free BA3 Exam Braindumps (page: 8)

The record of how the profit or loss of a company has been allocated to distributions and reserves is found in the:

Company X is a private limited oil company. Which of the following are relevant for Company X's integrated report?

CORRECT TEXT

The draft accounts of KenDoo Ltd for the year ended 31 August 2006 showed a net profit of $10000.

During the audit, the following errors and omissions were discovered.
(a) Items valued at $3100 had been completely omitted from the closing stock figure.

(b) Accrual of electricity bill for $200 and insurance prepayment of $500 had been omitted.

(c) Equipment costing $12000, acquired on 1 September 2005, had been debited to the purchases acccount. (KenDoo Ltd depreciates equipment at 15% on the straight line basis).

Due to materiality, the directors of KenDoo Ltd agreed to adjust the accounts accordingly.

Incorporating the above adjustments, the revised net profit is:

CORRECT TEXT

ABC has the following summary of transactions for the quarter ended 30 June 20X9 ABC is registered for sales tax at 20%.



At the beginning of the quarter ABC owed $2,300 to the local tax authority.

What is the balance owing to the local tax authority at 30 June 20X97 Give your answer to the nearest dollar.