Acca financial Accounting (FA) Study Text ac ca (FA)

Which of the following is the sales revenue figure for the year 

calculated from these figures? 

$________ 

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PRACTICE QUESTIONS 

490

 

KAPLAN PUBLISHING

 

92  A business compiling its accounts for the year to 31 January each year 

pays rent quarterly in advance on 1 January, 1 April, 1 July and 1 October 

each year. After remaining unchanged for some years, the rent was 

increased from $24,000 per year to $30,000 per year as from 1 July 20X0. 

Which of the following figures is the rent expense which should 

appear in the statement of profit or loss for the year ended 

31 January 20X1? 

A $27,500 

B $29,500 

C $28,000 

D $29,000 

93  On 31 December 20X0 the inventory of V was completely destroyed by 

fire. The following information is available: 

1 

Inventory at 1 December 20X0 at cost $28,400. 

2 

Purchases for December 20X0 $49,600. 

3 

Sales for December 20X0 $64,800. 

4 

Standard gross profit percentage on sales revenue 30%.